Atreyee Poddar
When we talk about wealth in twentieth-century India, we cannot mention Mir Osman Ali Khan, who was the last Nizam of Hyderabad. In 1937, Time magazine labeled him the richest man in the world. Let us walk through five key aspects of his life.
His fortune stemmed from the fabled Golconda diamond mines and the resources of the princely state he ruled. The numbers thrown around were staggering billions, by some accounts. Imagine that in the 1930s, when global economies were reeling from depression.
But despite his unimaginable wealth, he dressed plainly, often in clothes that looked more worn than regal. Guests would sometimes be offered just one biscuit with their tea. And he used the famous Jacob Diamond as a paperweight.
For all his quirks, the Nizam was forward-thinking in civic matters. His reign of nearly four decades oversaw the electrification of Hyderabad, the building of Osman Sagar and Himayat Sagar dams, and the founding of major institutions like Osmania University, Osmania General Hospital, and also the High Court.
After 1947, he tried to resist integration into India. Independence, or even joining Pakistan, seemed more attractive to him. But Operation Polo in 1948, India’s military annexation, settled the matter. Afterwards, the Nizam was made Raj Pramukh, essentially the governor of Hyderabad.
He presented Queen Elizabeth II with a necklace set with 300 diamonds which is still a part of the British crown jewels. Closer to home, during the 1962 India-China war, he donated 5,000 kilograms of gold to the Indian army. That single gesture remains one of the largest individual contributions in Indian history.