A new study has revealed the true growth potential of the Indian UHNW market.

There are about 8,200 Indians, including non-resident Indians, worth over $30 million and carrying an aggregate net worth of $945 billion, the latest report by Wealth-X shows.

According to the study, which is based mostly on proprietary data on more than 5,000 Indian ultra high net worth individuals, there are at least 115 Indian billionaires worth a combined $195 billion and over 275 individuals worth at least $500 million. They represent almost a third of the collective net worth of all Indian UHNW individuals and are worth at least a combined $300 billion.

"India specifically presents one of the greatest opportunities for wealth managers around the world," said Mykolas Rambus, the chief executive of Wealth-X, in media release.

The recorded net worths include shares in public and private companies, residential and investment properties, art collections, planes, cash and other investable assets.