The number of millionaires in Canada leapt 7.7 per cent in 2012, according to researchers who also found the group controls more than a quarter of Canada’s wealth.

According to consultancy firm WealthInsight, the number of high net worth individuals (with assets of $1 million U.S. or more) in Canada grew to 422,000 in 2012, accounting for about 1.2 per cent of the population.

The millionaires control about $1.53 trillion in assets, or about 26 per cent of the privately held wealth in Canada, WealthInsight found.

In a new ranking of the world’s richest people released this week, the consultancy ranked Canada seventh in the world for the number of millionaires. The U.S. was in first place, with 5.2 million millionaires compared to Canada’s 422,000.

Toronto ranked 15th in the world for the number of multi-millionaires, with 118,000 people in that category. That puts Toronto in the same league as Los Angeles (126,000) and Chicago (107,000).

Overall, Toronto had 28 per cent of Canada’s millionaires, WealthInsight reported.

Other cities with sizable millionaire populations include Montreal (52,000), Calgary (32,000), Vancouver (25,000) and Edmonton (14,000).

Check out the countries with the most billionaires, and the cities with the most millionaires, according to WealthInsight:

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  • 10. Italy

    259,000 millionaires.

  • 9. Australia

    275,000 millionaires.

  • 8. Switzerland

    298,000 millionaires.

  • 7. Canada

    422,000 millionaires.

  • 6. France

    555,000 millionaires.

  • 5. United Kingdom

    675,000 millionaires.

  • 4. China

    1.28 million millionaires.

  • 3. Germany

    1.32 million millionaires.

  • 2. Japan

    2.1 million millionaires.

  • 1. United States

    5.2 million millionaires.

  • Cities With The Most Millionaires

    Source: WealthInsight

  • 20. Moscow

    101,000 millionaires.

  • 19. Mexico City

    102,000 millionaires.

  • 18. Houston, Texas

    103,000 millionaires.

  • 17. Sydney

    104,000 millionaires.

  • 16. Chicago

    107,000 millionaires.

  • 15. Toronto

    118,000 millionaires.

  • 14. Los Angeles

    126,000 millionaires.

  • 13. Rome

    127,000 millionaires.

  • 12. Munich

    130,000 millionaires.

  • 11. Seoul

    131,000 millionaires.

  • 10. Singapore

    157,000 millionaires.

  • 9. Shanghai

    166,000 millionaires.

  • 8: Hong Kong

    187,000 millionaires.

  • 7. Osaka

    190,000 millionaires.

  • 6: Beijing

    213,000 millionaires.

  • 5. Frankfurt

    217,000 millionaires.

  • 4. Paris

    219,000 millionaires.

  • 3. London

    281,000 millionaires.

  • 2: New York

    389,000 millionaires.

  • 1. Tokyo

    461,000 millionaires.