Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research may determine where and how companies appear. Learn more about how we make money.

  1. Retirement
  2. 401(k)

The Number of 401(k) Millionaires Is Back on the Rise as Account Balances Surge

By: Adam Hardy
Adam Hardy, expert in Personal finance, student loans, credit, job market, low-income finances, and Lead data journalist at Money
Adam Hardy
Lead data journalist | Joined May 2024
Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. Adam’s work has also appeared in Business Insider, Forbes, Nasdaq, The Penny Hoarder, Yahoo! Finance and many other outlets.
See full bio
Editor: Brad Tuttle
Brad Tuttle, expert in Personal finance, shopping, consumer trends, and Senior Editor at Money
Brad Tuttle
Senior Editor | Joined January 2014
Brad Tuttle is a senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals.
See full bio
Published: Aug 18, 2023 4 min read
Photo illustration of a young investor using his laptop
Money/ Getty Images

The number of people who can claim the coveted “retirement-account millionaire” title is surging once again.

This elite group of retirement savers have individual retirement accounts (IRAs), 401(k)s or 403(b)s with balances of at least $1 million per account. According to data from the investment firm Fidelity, the number of retirement millionaires has jumped about 25% so far this year.

“Average retirement account balances increased for the third straight quarter,” the firm said in an analysis of its 45 million retirement accounts that was released Thursday — pushing the number of 401(k) millionaires to 378,000 and IRA millionaires to 350,000.

Overall, IRA balances gained 5% compared to the previous quarter, and 401(k) balances rose 4% over the same period, Fidelity said.