New Delhi: Mir Osman Ali Khan, the last Nizam of Hyderabad which was then a princely state is said to have been the wealthiest person in the history of India before Independence from British colonial rule. At that time, Hyderabad was British Indian Empire’s largest state and the wealth of Osman was reportedly mind-boggling, so much so that he was not only the wealthiest in India but also one of the wealthiest in the world at that time. Infact, according to some estimates, his wealth was reportedly 2 per cent of the GDP of the United States. In this article, we will learn more about this person.
How wealthy was Mir Osman Ali Khan?
Well, it is hard to fully guess the total wealth of Hyderabad’s last Nizam. When he became the Nizam on August 29, 1911, he was just 25 years old. From 1911 to 1948, he was the ruler of Hyderabad until the state joined the Union of India following Independence.
One of the wealthiest people in the world of all time as per some estimates, his fortune was mind-boggling and in 1937, thanks to his wealth, his portrait appeared on the cover of the prestigious Time magazine. As a monarch, he had semi-autonomous authority and printed his currency, the Hyderabadi rupee in his mint. Also, he owned a private treasury which reportedly had £100 million in gold and silver bullion along with jewels worth £400 million.
The famous Golconda mines were a major source of his wealth since it was the world’s sole supplier of diamonds. In a popular anecdote, the Nizam had a diamond named the Jacob Diamond whose value was estimated at some £50 million in the mid-2000s and Khan used it as a paperweight.
How was Mir Osman Ali Khan as a ruler?
He ruled the princely state of Hyderabad for 37 years and worked for the development of the state, including the introduction of electricity and the improvement of the railways, roads, and airports. Known as the ‘Architect of modern Hyderabad’, he established several public institutions including Osmania General Hospital, State Bank of Hyderabad, Osmania University, the Hyderabad High Court, Begumpet Airport and the two reservoirs, Himayat Sagar and Osman Sagar and later the Nizam Sagar, Telangana’s oldest dam. Also, he started the construction of Nizam Orthopedic Hospital which is presently known as the Nizam’s Institute of Medical Sciences.
What happened to the wealth of Mir Osman Ali Khan?
Unfortunately, the wealth of Mir Osman Ali Khan did not survive, unlike his rich legacy. According to a report in the Times of India, one branch of his family does odd jobs and runs small businesses in Hyderabad. The members of those branches are known as ‘Sahebzadas’ and there are around 4,500 of them. Also, they are members of the Majlis-e-Sahebzadagan Society, a trust nearing bankruptcy which gives them financial aid, and the amount is meagre, ranging between Rs 140 to Rs 4 per month. Some of them work as car mechanics, auto drivers and domestic helps. Most of their financial condition is so poor that they have to depend on the small money given by the trust.
Notably, before India annexed the princely state of Hyderabad, Osman’s finance minister transferred one million pounds to Pakistan’s then High Commissioner in London to gather arms to resist India. The Nizam asked the bank to freeze the transaction as it was done without his sanction. In 1954, he filed a lawsuit against Pakistan and NatWest, the bank where the money was deposited. By then, the 1 million pounds had become 35 million pounds. In 1965, the Indian government began its fight for the money and in 2013, Pakistan staked its claim on the fund which was dismissed by the court. The Nizam passed away in 1967 and after a court battle of almost 70 years, the Indian government and Nizam’s legal heirs won the case.
Mir Osman Ali Khan was the wealthiest person in the history of India before Independence from British colonial rule. At that time, Hyderabad was British Indian Empire’s largest state and the wealth of Osman was reportedly mind-boggling. knowledge Knowledge News, Photos and Videos on General Knowledge
