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.