Mir Osman Ali Khan Siddiqi Asaf Jah VII (Urdu:
آصف جاہ), born
Mir Osman Ali Khan Siddiqi Bahadur (Urdu):
عثمان علی خان بہادر;
6 April 1886 – 24 February 1967), was the last Nizam (or ruler) of the
Princely State of Hyderabad and of Berar. He ruled Hyderabad between
1911 and 1948, until it was merged into India. He was styled
His Exalted Highness The Nizam of Hyderabad.
During his days as Nizam,
he was reputed to be the richest man in the world, having a fortune
estimated at US$2 billion in the early 1940s ($32.8 billion in today
dollars)or 2 per cent of the US economy then. At that time the treasury of the
newly independent Union government of India reported annual revenue of
US$1 billion only. He was featured on the cover of TIME magazine,
portrayed as such.
The Nizam is widely believed to have remained as the richest man in
South Asia until his death in 1967, though his fortunes fell to US$1
billion by then and became a subject of multiple legal disputes between
bitterly fighting rival descendants. His wealth include a vast private
treasury. Its coffers were said to contain £100m in gold and silver
bullion, and a further £400m of jewels. Among them was the fabulously
rare Jacob diamond, valued at some £100m (2008),
and used by the Nizam as a paperweight. There were pearls, too – enough
to pave Piccadilly – hundreds of race horses, thousands of uniforms,
tonnes of royal regalia and Rolls-Royces by the dozen.
Calculating his modern day worth by accounting for inflation, the Nizam
was worth $236 billion, making him one of the wealthiest people to have
ever lived.
He built the Hyderabad House in Delhi, now used for diplomatic meetings by the Government of India.
On 22 February 1937, Time magazine called the Nizam the richest man
in the world. His vast inheritance was accumulated by way of mining
royalties rather than land revenue. It should be noted that Hyderabad
State was the only supplier of diamonds for the global market in the
19th century.
Mir Osman Ali Khan Siddiqi Bahadur acceded as Nizam
of Hyderabad upon
the death of his father in 1911. The state of Hyderabad was the largest
of the princely states in pre-independence India.
With an area of 86,000 square miles (223,000 km²), it was roughly the
size of present-day United Kingdom. Its ruler was the highest-ranking
prince in India, was one of only five princes
entitled to a 21-gun salute, held the unique title of "Nizam", and was
created "His Exalted Highness" and "Faithful Ally of the British Crown"
after World War One due to his financial contribution to the British
Empire's war effort. (For example, No. 110 Squadron RAFs original
complement of DH.9As were Osman Ali's gift. Each aircraft bore an
inscription to that effect, and the unit became known as the Hyderabad
Squadron.
Mir
Osman Ali Khan Siddqi Bahadur was the absolute ruler of this
principality. In some accounts, he is held to have been a benevolent
ruler who patronised education, science and development. His 37-year
rule witnessed the introduction of electricity, railways, roads and
airways were developed, the Nizamsagar lake in Hyderabad state was
excavated and some irrigation projects on the Tungabhadra river were
undertaken.
In 1941, Mir Osman Ali Khan Siddqi Bahadur started his own bank, the
Hyderabad State Bank (now State Bank of Hyderabad) as the state's central bank, which managed the
Osmania sikka,
the currency of the Hyderabad state. It was the only state which had
its own currency, the Hyderabadi rupee, which was different from the
rest of India. Banknotes of Hyderabad gives a good reference of the
banking of that period.
In 1947, the Nizam made a gift of diamond jewels, including a tiara and necklace, to
Princess Elizabeth on the occasion of her marriage. The brooches and necklace from this gift are still worn by the Queen today.
Nearly all the major public buildings in Hyderabad city, such as the
Osmania General Hospital, Andhra Pradesh High Court, Asafiya Library now
known as
State Central Library, Town Hall now known as
Assembly Hall, Jubilee Hall, Hyderabad Museum, now known as
State Museum,
Nizamia Observatory and many other monuments were built during his
reign. Up to 11% of the Nizam's budget was spent on education. Osmania
University
was founded while schools and colleges and even a "Department for
Translation" were set up. Primary education was made compulsory and
provided free for the poor. The Nizam (as well as his predecessors) have
been criticised for largely ignoring the native languages in favour of
Urdu.
Mir Osman Ali Khan Siddqi Bahadur donated to many institutions in
India and abroad. Recipients included educational institutions such as
the Jamia Nizamia, the Darul Uloom Deoband, Banaras Hindu University and Aligarh Muslim University.
Hyderabad was the only state in British India where the ruler was
allowed to issue currency notes. A 100 rupee note was introduced in
1918.
He also paid for a Royal Australian Navy vessel,
N-class destroyer, HMAS Nizam (G38) commissioned in 1940.Mir Osman Ali
Khan Siddqi Bahadur lived at King Kothi Palace—bought from a nobleman—
during his entire life, after age 13. He never moved to Chowmahalla
Palace not even after his accession to the throne.
