2024-07-04 11:55:24
New Delhi: Fateh Chand was a very big businessman in the 18th century. He was known as Jagat Seth. He had assets worth 8.3 lakh rupees. In today’s time, it is equal to 1 trillion dollars i.e. 10 lakh crore dollars. In 1723, Mughal emperor Muhammad Shah gave Fateh Chand the title of ‘Jagat Seth’. Jagat Seth was the richest banker of Bengal. How rich Jagat Seth was in that era can be gauged from the fact that even white people used to take loans from him. Jagat Seth’s family used to give loans and financial help to the East India Company. This family was known for its financial knowledge. Jagat Seth also lent a large amount to the Mughal Empire. British historian Robert Orme described the Jagat Seth family as the wealthiest Hindu family of his time.
Had more wealth than the British Empire
Under Jagat Seth’s leadership, his company played important roles in the Bengal government. They handled tax collection and even minted their own currency. Some reports suggest that the Jagat Seth family’s wealth was greater than that of the entire British Empire.
Palace and market in the name of Jagat Seth
Jagat Seth was a great merchant and banker as well as philanthropist of the 18th century. He played a vital role in shaping the economy and society of Bengal. Jagat Seth has a palace named after him in Murshidabad ‘Jagat Seth Ka Mahal’, a market in Kolkata ‘Jagat Seth Bazar’, several schools, hospitals and charitable institutions. He was also a skilled negotiator who always managed to protect his interests.