Reliance Industries boss Mukesh Ambani is Asia and India’s richest person with a net worth pegged at $92 billion or over Rs 7,71,000 crore in 2023, according to the latest Forbes list. The country’s second richest man Gautam Adani has a net worth of $68 billion or over Rs 5,66,000 crore. The only Indian pegged to have been richer than both these business tycoons put together, with their combined net worth of over Rs 13,37,000 crore, had an estimated net worth of $230 billion or Rs 19,15,500 crore as of today(adjusted for inflation).
This person, considered to be the richest man in the world of his time and the first billionaire of independent India, was named Mir Osman Ali Khan. He was the last Nizam of the princely state of Hyderabad. The stories of Mir Osman Ali’s riches supersede imagination. He succeeded his father to the throne in 1911 and stayed in command of exuberant wealth for around 4 decades. His net worth, adjusted for inflation, is only matched by one person alive today, the eccentric American billionaire Elon Musk.
Legends about the Nizam’s wealth include a diamond used as paperweight, lavishing expensive gifts like diamond jewelry to guests like the British princess at the time, Queen Elizabeth. He established the Hyderabad State Bank, built infrastructure like electricity, railways, roads and airline for his state. The Nizam was a famous philanthropist giving massive donations for prestigious educational institutions like Jamia Nizamia, Banaras Hindu University, Aligarh Muslim University and Darul Uloom Deoband.
However, the Nizam did see worse times. Mir Osman Ali’s reign ended soon after independence in September 1948. The Indian government moved to restrict the sale of his personal properties. He reportedly faced a huge financial crunch by the end and tried different ways to fill his coffers like auctioning his valuables.
