Pope Francis, who joined the social media site on 19th March 2016, is in fourth position with 5.7 million followers.
Donald Trump's ten million followers fell short of India's Prime Minister Narendra Modi's whopping 14.8 million followers which tops the list.
Indonesian President Joko Widodo came second with 12.2 million followers - a total that has more than doubled over the past twelve months.
However, the leader's popularity on Twitter paints a different picture.
Mr Trump - who is known for his controversial tweets has 56.1 million followers on Twitter compared with India Prime Minister's 44.6 million; the Pope's 17.8 million and Indonesia's 10.6 million followers.
The newly-released 2018 World Leaders on Instagram study was published by leading global communications agency BCW (Burson Cohn & Wolfe).
Chad Latz, chief innovation officer at BCW, said in a statement: "This third instalment of the BCW study shows Instagram has become the social media network where world leaders garner the most interactions.
"What is astounding is that the average size of world leaders' Instagram accounts is less than half the size of their Facebook pages - with five times fewer posts over the past twelve months.
However, all Instagram accounts together total 860 million interactions, which is 23 per cent more than the total interactions on Facebook over the same period."
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