Indian history is filled with stories of power and unimaginable wealth. There once lived a family so insanely wealthy that even Mughal emperors and Britishers stood in awe. The Jagat Seths, the bankers who settled in Bengal, had riches that surpassed even the wealth of big billionaires like Elon Musk, Jeff Bezos, and Mark Zuckerberg in today’s time. They rose to prominence in the 18th century and had an estimated net worth of Rs 8.3 lakh crores.
Fateh Chand, an 18th-century wealthy banker in Bengal, was given the title ‘Jagat Seth.’ The family’s origins can be traced back to Manik Chand, who moved to Dhaka from Patna in the early 1700s to start a trading business. When the capital of Bengal was shifted to Murshidabad, Chand went there and became a favorite of the nawab. He grew close to him and became his banker and financial advisor. In 1712, he was even bestowed the title ‘Nagar Sheth’ by Delhi emperor Farruk Siyar.
Rise of the Jagat Seth family
After Manik Chand died in 1714, his adopted son and nephew, Fateh Chand, took the reins of the family business into his hands. Under his leadership, the Jagat Seth family rose to great prominence in Murshidabad. An influence so great that even the East India Company took loans from them. According to British historian Robert Orme, this Hindu merchant family was the wealthiest during the Mughal empire.
Net Worth
The Jagat Seths performed numerous roles for the government of Bengal, including collecting revenue and managing funds. They even minted coins and handled foreign money, thus adding to their wealth. Reports claim that their wealth surpassed the British economy in the 1720s. Besides a profound influence on politics, the Jagat Seth’s family possessed assets worth at least $1 trillion in today’s currency (approximately Rs 8,31,24,15,00,00,000), TOI reported. They were considered the ‘Bankers of the World’.
Successors and fall
After Fateh Chand passed away, his grandson Mahtab Chand took over the reins in 1744. He and his cousin had significant influence during the time of Alivardi Khan. However, after Sirajuddaula came into power and ended up conspiring against him with the British, the Jagat Seth family lost possession of most of their territory. Even the British East India Company never returned the loan to them.
By the 1900s, the family’s name had vanished from public view. Their descendants remain unknown. Jagat Seth’s residence, a short distance from Hazarduari, has now been transformed into a museum.
