The chairman of Essel Group that owns Zee Entertainment Limited, Subash Chandra has been listed as the richest media baron in the country with a net worth of $ 2.7 billion by Forbes.

Subash Chandra has been ranked 19th on the list of the 100 richest people in India. The list has been published by Forbes India magazine, a partnership between Forbes and Raghav Bahl founded Network 18.

The only other media owner who has made it to the list is the chairperson of Hindustan Times Media Limited, Shobhana Bhartia, who is at No. 76, with a net worth of $690 million.

This is the first time that Forbes has compiled a list of 100 richest Indians. Till last year, when Forbes India had not been launched, Forbes Asia used to bring out a list of 40 richest Indians.

The increase in the number of billionaires in India is in sharp contrast to the world billionaires list released by Forbes Magazine, which swelled 23 per cent in 2009 compared to 2008.