It assessed the HNW and wealth management market across Asia Pacific (Apac) on topics such as population changes and attitudes to wealth management.
It found that India had 20.4% growth in its HNW population to 263,000 in 2016/17.
South Korea was second with a 17.3% increase, while Hong Kong placed 3rd with an HNW population rise of 15%.
Capgemini said in the report: “India grew by more than 20% in both wealth and population, far above its 2010–2016 annualised average HNW population (6.1%) and HNWI financial wealth (7.1%) growth rates, which led to a step up in its HNW population ranking from 12th in 2016 to 11th in 2017.”
At 263,000, India is home to the fourth highest number of HNW individuals within the Apac region. But it is still far behind giants Japan and China, which have around 3.2 million and 1.3 million HNW investors, respectively.
The report also found that the Apac growth reported over the last few years is set to continue.
Capgemini added: “Asia Pacific continued its growth trajectory in 2017, extending its lead over other regions for HNWI population and wealth.
“A stellar performance puts the region on a comfortable path to surpassing $42trn (£33trn, €37trn) in HNWI wealth by 2025.”