How rich were the rulers of Hyderabad, India who used diamonds as paperweight?

The reign of the hereditary rulers of Hyderabad, India, commonly called Nizams, lasted for two centuries and were famous for their opulence, prosperity and proactive development.

Their extravagant wealth, grand palaces and expensive possessions have been etched in the history of India.

Here are some of the richest rulers of Hyderabad from the Nizam dynasty, also known as the Asaf Jahi dynasty.

Asaf Jah

Mir Qamar-ud-din Khan, the first Nizam of Hyderabad, Siddiqi Bayafandi, also known as Asaf Jah, was born in 1802 and was a commander in the Mughal Empire.

The Asaf Jahi dynasty was formed by the Nizam in 1724, when autonomous control was established in the Deccan region. The subsequent rulers were known as Asaf Jahi Nizams.

Their main source of income was the famous Golconda mines of Hyderabad, which supplied diamonds to the world market.

Salar Jung I

Indian aristocrat Sir Mir Turab Ali Khan, known as Salar Jung I, was the Prime Minister of Hyderabad State from 1853 to 1883.

He had implemented various administrative reforms, including the establishment of modern educational institutions, railway and telegraph networks, and the restructuring of the judicial and revenue systems.

During a trip to France and Rome, he collected rare sculptures and works of art that are housed in the Salar Jung Museum.

Mir Osman Ali Khan Bahadur Asaf Jah VII

The wealth of Osman Ali Khan, who ascended the throne of Hyderabad at the age of 25 in 1911, was 2% of the US GDP.

He also profited from the Golconda mines and had his own currency, a private airline, 400 million pounds of jewelry and 100 million pounds of gold.

He also presented Queen Elizabeth II with a 300-diamond necklace set and used a diamond worth millions as a paperweight.

His fortune in the 1940s is believed to be over 17 billion INR, equivalent to more than two trillion Indian rupees in 2023.

Azmet Jah

Prince Mukarram Jah, the ninth and last official Nizam of Hyderabad, is succeeded by his son Mir Muhammad Azmat Ali Khan.

Azmet Jah does not hold the title of Nizam IX because the Indian government abolished the titles in 1971. Financial Express mentionted.

However, he had taken over the Nizam Trusts at his father’s request, apart from a host of other duties.

He inherited a number of palaces, including Hyderabad’s famous Falaknuma Palace and a 12-kilogram gold mohur, the heaviest gold coin ever created.

According The wirethe government had paid his father a pitiful $22 million in 2002 for the jewel.