When one hears Indian billionaires, the first names that come to mind are Mukesh Ambani, Ratan Tata, Gautam Adani, Shiv Nadar, Lakshmi Mittal and others. But the first millionaire of independent India had nothing to do with them. The name is not very familiar to many people. The first millionaire of independent India was Mir Usman Ali Khan. Born in April 1886, Mir Usman was the last Nizam of the princely state of Hyderabad. It was the largest princely state in India ruled by the British at that time. He ruled from 1911 until India gained independence. Mir Usman Ali Khan was a loyalist of the British and at the time of partition, he wanted to either join Pakistan or rule an independent country. At that time, he was widely considered to be one of the world’s richest men of all time. In the early 1940s, wealth was around $2 billion, which in 2023 will be worth $35.8 billion.
Known as the architect of modern Hyderabad, the Nizam built India’s first airport and airline. During his reign, roads and railways were developed and electricity was introduced in Hyderabad. The Nizam was also instrumental in establishing several public institutions including the Hyderabad High Court and the State Bank of Hyderabad.
In 1937, Mir Usman Ali Khan appeared on the cover of Time magazine. According to reports Nizam was one of the richest people in the world. There are even reports that he used a 185 carat diamond as a paperweight. During Queen Elizabeth’s marriage, the Nizam had gifted her a diamond necklace. Many of the diamond brooches worn by the Queen were gifts from him.
