In 1937, Time featured Mir Osman Ali Khan, last Nizam of the Princely State of Hyderabad, on its cover as the richest person in the world. What was the main source of the Nizams' wealth?

Known for their exceptionally lavish lifestyle, Nizams were the 18th to 20th century rulers of the Hyderabad State (now part of India). Estimated at $200 billion in today's dollars, their extraordinary wealth came from the Golconda mines — at the time, the only source of diamonds in the world outside of South Africa. The royal family's collection included the legendary Jacob diamond, a 185-carat gem (fifth largest in the world) currently valued at an estimated $150 million. The last Nizam had found the fist-sized stone in his father's sock as a child; later, he took to using it as a paperweight.

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