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Meet the Richest Person Of India Who Used Diamond As A Paperweight

Mir Osman Ali Khan, the Nizam of Hyderabad, surpassed modern billionaires in wealth, with an estimated net worth exceeding $230 billion. He ruled from 1911 to 1948, amassing riches from the Golconda mines and indulging in luxury. His collection included famous diamonds like the Koh-i-Noor and the Jacob Diamond. His generosity was renowned, evidenced by lavish gifts to dignitaries like Queen Elizabeth II.

Edited By : Aniket Raj | Feb 21, 2024 00:15 IST
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Whenever the rich are mentioned in the country, the names of Ambani, Adani, Tata, and Birla automatically come to mind. However, none of them reach the level of wealth held by the Nizam of Hyderabad, Mir Osman Ali Khan. Mir Osman Ali Khan ruled Hyderabad for 37 years from 1911 to 1948. He had an unparalleled collection of diamonds. He used diamonds as if they were paperweights.

After adjusting for inflation, it is estimated that the net worth of Mir Osman Ali Khan exceeds ₹17.47 lakh crore (or $230 billion). This makes him wealthier than the world’s richest individual, Bernard Arnault, and his family, whose total wealth is approximately equivalent. Their total net worth is estimated at $221 billion.

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During Usman’s reign, the Golconda mines were a significant source of revenue for the Nizams of Hyderabad. These mines were renowned for producing diamonds as early as the 18th century. Mir Osman Ali Khan is also credited with the establishment of institutions such as the Osmania General Hospital, the State Bank of Hyderabad, and Osmania University.

The Nizam, Mir Osman Ali Khan, had a passion for a luxurious lifestyle. His private treasure trove included jewelry worth £40 million (approximately ₹4,226 crore) and gold worth £10 million (approximately ₹1,056 crore). His collection of diamonds was extraordinary, featuring renowned diamonds such as the Darya-e-Noor, the Nur-Ul-Ain Diamond, the Koh-i-Noor, the Hope Diamond, the Princie Diamond, the Regent Diamond, and the Wittelsbach Diamond.

One of the Nizam’s most unique jewels was the Jacob Diamond, which was also used as a paperweight. Mir Osman Ali Khan was known for his generosity. On the occasion of the wedding of Queen Elizabeth II and Prince Philip, he presented the late Emperor with a floral brooch along with a necklace and tiara adorned with Cartier diamonds.

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First published on: Feb 21, 2024 12:15 AM IST

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