He had gold floors and diamond paperweights — and still lived like a monk!
Think billionaires today are rich? Think again. Before tech titans and Silicon Valley moguls dominated the headlines, there was a man in India whose wealth made global headlines—and he didn’t own a tech startup.
Meet Mir Osman Ali Khan, the last Nizam of Hyderabad, and once upon a time, he was the richest man on this planet. So rich, in fact, in 1937, Time Magazine put him on its cover, calling him the wealthiest man alive.
Let's get ready for the ultimate plot twist: he wore torn slippers, used a tin box for his cash, and lived like a man who didn’t own more than ₹100.
Born in 1886, Mir Osman Ali Khan was the seventh and last official Nizam of Hyderabad. He ruled during 1911 - 1948, when the princely state of Hyderabad was integrated into the Indian Union. Even after the end of his rule, his legend lived on — because of the unimaginable wealth he left behind.
As per reports, he had a net worth of more than ₹17,000 crore in today’s value at the peak of his power. Some historians say, the value might be even bigger. For context: he had this much wealth at a time when ₹1 could buy you an acre of land!
Palace of Nizam, source: wikipedia
He once ruled over an area larger than the UK, had a personal army, and owned the world’s fifth-largest diamond — the famous Jacob Diamond — just to use as a paperweight!
Ever wondered how they became so wealthy? Hyderabad was India’s diamond capital once. The Golconda mines, under the Nizam’s control, were the source of some of the world’s most precious diamonds — including the famous Koh-i-Noor.
Beyond that, add the land revenue, railways, taxes, and royal trade—and you get a treasury overflowing with gold bricks, silver coins, vintage cars, and antique art!
But despite having unimaginable wealth, the Nizam was known for being shockingly frugal.
The Nizam hosting European guests in 1937, source: X
Unlike today’s millionaires and billionaires who flash superyachts and space rockets, the Nizam had his own brand of silent swag. He used to wear the same faded sherwani daily, munched on dry fruits and paan, and slept on a bare iron cot. His favourite headgear? A well-worn fez that looked like it had been through five generations.
He used to keep his money and assets in old tin trunks under his bed. Historians have quoted “...his slippers were often stitched multiple times instead of replaced”.
Want to know the reason behind this kind of lifestyle of a Nizam? Because he believed in not wasting money unnecessarily. Imagine Elon Musk driving a beat-up Ambassador because he "didn’t want to spend on a new one" — that’s the level we’re talking about.
Despite being modest in lifestyle, throughout his life, he contributed massively among people. The Nizam spent lavishly on infrastructure and public welfare.
He built Osmania University, one of India’s premier institutions.
Osmania University
He funded the construction of numerous hospitals, railways, and roads.
He even donated ₹5 lakh to the Indian government during the Indo-China war, and guess what, he was not ruling at that time!
Fun fact? He owned his own private airline and the State Railway. His bank? The Hyderabad State Bank, which later became associated with the SBI.
Believe it or not, he made Bill Gates look broke — and yet used his money like a wise king for public welfare, not a flashy tycoon.
After Hyderabad joined the Indian Union in 1948, the Nizam lost political power, but his personal wealth still existed. Over time, family disputes, multiple legal battles, and trust issues led to freezing of most of his assets.
The ‘paperweight’ Jacob Diamond was recovered decades later from a vault in Mumbai. Other treasures remain under tight lock and key — or in ongoing court fights between heirs.
Jacob Diamond
His descendants still live, some modestly, in Hyderabad and abroad. But no one of his descendants ever matched the Nizam’s stature or wealth.
Mir Osman Ali Khan wasn’t just rich — he was royal-rich! In an era of show offs, extravagant lifestyle, his story reminds us that wealth isn’t always about what we wear or flaunt. Sometimes, it’s about what you build — and what you leave behind.
So the next time someone says “Bill Gates is the richest man ever,” give them a soft smile and say: “You haven’t heard of the last Nizam of Hyderabad.”
