Who was India’s first billionaire?
Nizam Mir Osman Ali Khan’s wealth came mainly from the Golconda Mines, which were the only source of diamonds in India and possibly the world. He owned 50 Rolls-Royce cars and a Rs 1000 crore diamond, which he used as a paperweight.
He also had a private airline, 400 million pounds worth of jewels, and 100 million pounds of gold. Among his famous diamonds were the Koh-i-Noor, Hope, Darya-e Nur, Nur-Ul-Ain, Princie, Regent, and Wittelsbach.
History of Nizam’s wealth
He even used the Jacobi diamond, a 185-carat gem the size of a lime, as a paperweight.
His family had ruled Hyderabad since the early 18th century. He was the only ruler in British India with the title of Exalted Highness, thanks to his £25 million contribution to the British exchequer during World War I.
Just before India’s independence, he deposited £1 million in his Westminster Bank account in London. This money stayed untouched for nearly 71 years, growing to about £35 million (Rs 306 crore in 2019). A British judge finally ruled that the Nizam’s descendants could collect it from the bank.
Despite his wealth, he had a modest appearance, wearing the same tattered fez for 35 years and mostly cotton pyjamas. He had his indulgences too, with a reputedly large sexual appetite and over 100 illegitimate children.
His public image was mixed. He was praised as a progressive ruler for abolishing bonded labour and separating the judiciary from the executive. However, post-independence India remembers him for opposing joining the union of India in 1947, along with the Nawab of Junagadh, Muhammad Mahabat Khanji III, and the Maharaja of Jodhpur, Hanvant Singh.
Osman Ali Khan’s Legacy and Contributions
Educational Initiatives:
- Allocated about 11% of his budget to education.
- Established schools, colleges, and a Department for Translation.
- Made primary education compulsory and free for the poor.
- Founded Osmania University in 1918.
Construction of Major Public Buildings:
- Built significant public buildings in Hyderabad, including:
- Hyderabad High Court
- Jubilee Hall
- Nizamia Observatory
- Moazzam Jahi Market
- Kachiguda Railway Station
- Asafiya Library (State Central Library)
- Town Hall (now Assembly Hall)
- Hyderabad Museum (now State Museum)
- Osmania General Hospital
- Nizamia Hospital
- Constructed Hyderabad House in Delhi, now used for diplomatic meetings.
Establishment of Hyderabad State Bank:
- Founded Hyderabad State Bank in 1941, later renamed State Bank of Hyderabad.
- It served as the state’s central bank until merging with the State Bank of India in 2017.
Flood Prevention:
- After the Great Musi Flood of 1908, which killed about 50,000 people, he initiated flood prevention measures.
- Oversaw the construction of two reservoirs: Osman Sagar and Himayat Sagar.
Agricultural Reforms:
- Established an agricultural research center in Marathwada.
- Set up the Main Experimental Farm in 1918 in Parbhani to research crops like sorghum, cotton, and fruits.
- This facility was later expanded and renamed Marathwada Agriculture University in 1972.
Contribution to Indian Aviation:
- Played a key role in Indian aviation by establishing Begumpet Airport in the 1930s.
- This airport supported domestic and international flights by Deccan Airways Limited, the first airline in British India, and the formation of the Hyderabad Aero Club.
Osman Ali Khan: Family History
The family tree of Osman Ali Khan is large, with descendants around the world. Notable family members include:
- Father: Mahbub Ali Khan, Asaf Jah VI (Sixth Nizam of Hyderabad)
- Mother: Amat Uz Zahra Begum
- Wife: Azam Unnisa Begum (Dulhan Pasha Begum)
Sons:
- Azam Jah (First son)
- Sons: Mukarram Jah (Eighth Nizam), Muffakham Jah
- Moazzam Jah (Second son)
Grandsons:
- Mukarram Jah: Grandson of Mir Osman Ali Khan’s eldest son, Azam Jah. He passed away in 2017.
- Muffakham Jah: Son of Moazzam Jah.
Current Mir Osman Ali Khan Family
- Mir Osman Ali Khan was the last Nizam of Hyderabad.
- He left behind great wealth and made significant contributions to society.
- He had 18 sons and 16 daughters.
- Prince Mukarram Jah, one of his sons, became the eighth Nizam in 1967 and now lives in Turkey.
- The current Nizam is Azmet Jah, Mir Osman Ali Khan’s great-grandson.
- Many family members, mostly from the 5th and 6th generations, live in Hyderabad, other parts of India, and abroad.
- Despite their noble lineage, the family’s current situation is very different from their ancestors’ opulence.
- About 120 descendants are in a legal battle to claim 36 million pounds deposited in a London bank seven decades ago.
He founded Osmania University in 1917 and helped develop Hyderabad.
Three years after becoming ruler in 1914, World War I started. He gave a lot of support to the British, including materials, military aid, and money. He played a key role in starting Osmania University in 1917, which is still a top learning center today.
In 1921, he introduced the separation of judicial and executive powers. He set up a board to oversee the building and renovation of public structures, greatly influencing Hyderabad’s modern development.
Even with all his wealth, Nizam Osman Ali Khan was known to be frugal and not very concerned about cleanliness. Reports say he cleaned his bedroom only once a year. Despite his riches, he was stingy with guests, often serving just biscuits.
Nizam Osman Ali Khan died on February 24, 1967, at the age of 80. He was buried at Masjid-e-Judi at King Kothi.
