05/11/2013 01:39 EDT | Updated 05/14/2013 03:12 EDT

Richest Countries In The World: Canada Ranks 7th For Millionaires As Number Of Rich Soars

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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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