--- title: Number of 401(k) Millionaires Surges Thanks to Booming Stock Market description: Increases in the stock market have boosted retirement account balances and led to big growth in the population of 401(k) millionaires. authors: - name: Pete Grieve role: Lead News Reporter url: https://money.com/author/pete-grieve/ bio: Pete Grieve is a personal finance reporter. In his time at Money, Pete has covered everything from car buying to credit cards to the housing market. education: University of Chicago, BA Political Science at_money_since: 2022 articles: 597 covers: - Retirement - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Shopping - Taxes social: - https://twitter.com/pete_grieve - https://linkedin.com/in/pete-grieve-b5aa02138 - https://www.facebook.com/petegrieve4 editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former 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. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Retirement - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2024-05-24T18:41:54.000Z' modified: '2024-05-24T18:41:54.000Z' section: Retirement tags: - News word_count: 405 canonical: https://money.com/401k-millionaires-increase-stock-market/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Photo Collage of a pair of hands holding binoculars pointed towards multiple hundred dollar bills on the side](https://img.money.com/2024/05/News-401K-Might-Be-Millionare.jpg) Stock market growth has boosted [401(k)](https://money.com/what-is-a-401k-rollover/) balances and led to a record number of accounts over the $1 million mark. At the end of the first quarter, Fidelity reports that 485,000 accounts had seven-figure balances, which is a 15% increase from the end of 2023 when there were 422,000 401(k) millionaires. A year ago, there were 340,000, according to the investment firm. While only a small percentage of Americans have reached the $1 million dollar milestone for 401(k)s, the majority of people with any amount of money in a retirement account has benefited from the rise in stock prices. The [S&P 500 index](https://money.com/what-is-the-sp-500-index/) gained more than 10% in the first quarter, and is up 26% over the past 12 months. ## If you currently have a 401k but are looking for different ways to extend your portfolio, rolling over to a Gold IRA is one of the best ways to do so! ### American Hartford Gold can help protect your assets in tax-advantaged accounts by providing metal IRA. Why wait? Select your state to get started today! [Invest in Gold](https://money.com/pr/b8ee44549da3?ap_referrer=%2F401k-millionaires-increase-stock-market%2F) ## 401(k) balances are rising The average 401(k) balance was $125,900 in the first quarter, which is 16% higher than the average a year earlier of $108,200, according to [Fidelity](https://newsroom.fidelity.com/pressreleases/fidelity--q1-2024-retirement-analysis--record-high-contribution-levels-help-propel-retirement-balanc/s/452c15a0-d847-4ebe-b667-b0cbcd07ba7b). “Record-high contribution levels coupled with positive market conditions pushed average account balances to their highest levels since the fourth quarter of 2021,” the company said in a release. Higher account balances show the payoff of making steady contributions. The data indicate that becoming a 401(k) millionaire takes commitment and patience, and that account holders in general are doing a better job of saving for retirement: - According to Fidelity, 401(k) millionaires have been saving for an average of 26 years. - Their average contribution rate for 401(k) millionaires is 17%, counting employee and employer contributions. - The average 401(k) account holder had a savings rate of 14.2% in the first quarter, an all-time high and an increase from the rate in 2019 of 13.5%. Beyond 401(k)s, Fidelity’s data shows that [individual retirement account (IRA)](https://money.com/what-is-an-ira/) and [403(b) account](https://money.com/collection-post/difference-between-401k-and-403b-plan/) balances have increased substantially in the past year: - The average IRA balance was $127,745 (up 13%). - The average balance was up 16% to $113,000 for 403(b)s, which are similar to 401(k)s but for public-sector and nonprofit employees. The increase in retirement account balances is a positive development, but many Americans are still behind track in preparing for the future. That even includes some of the 401(k) millionaires, considering that U.S. adults say they'll need nearly $1.5 million to retire comfortably, according to a recent [Northwestern Mutual survey](https://money.com/retirement-cost-estimate-record/). ### Top Precious Metals Company on Inc. 5000 ![Invest in Gold](https://s3.consumersadvocate.org/prd/image/image/19305/medium_414558a1-29d4-465e-b5d1-921febc39ed2.png) Our Partner [Invest in Gold](https://money.com/go/d6c88cd74945?bidid=4029163723&pmeta=p129-c736-u23969&ptid=662230515&ptoken=2e1ed07036b1600b26eb2932a9da4cb4) ### Endorsed by Robert Kiyosaki — Up to $25K in FREE Silver on Qualifying Purchases ![Invest in Gold](https://s3.consumersadvocate.org/prd/image/image/24353/medium_69e2748f-b29f-4686-895b-4e103b4d0c3e.png) Our Partner [Invest in Gold](https://money.com/go/bf865ed114bb?bidid=4029163727&pmeta=p129-c736-u23969&ptid=662230515&ptoken=ccc88dd30e65d21b6117ef09449c566d) ### Qualify for up to 10% in FREE silver ![Invest in Gold](https://s3.consumersadvocate.org/prd/image/image/21155/medium_2ce64332-874c-41c0-a3b9-7f738e834f1c.png) Our Partner [Invest in Gold](https://money.com/go/f4a60c90cc96?bidid=4029163720&pmeta=p129-c736-u23969&ptid=662230515&ptoken=5631ec2cca18aa97d81794272428615c) ![](https://s3.consumersadvocate.org/prd/image/image/19305/medium_414558a1-29d4-465e-b5d1-921febc39ed2.png) American Hartford Gold can help you take control of your financial future [Invest in Gold](https://money.com/pr/u1f7b2bc903e?ap_referrer=%2F401k-millionaires-increase-stock-market%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/401k-millionaires-increase-stock-market/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Retirement", "item": "https://money.com/retirement/" }, { "@type": "ListItem", "position": 3, "name": "401(k)", "item": "https://money.com/401k/" }, { "@type": "ListItem", "position": 4, "name": "Number of 401(k) Millionaires Surges Thanks to Booming Stock Market" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/401k-millionaires-increase-stock-market/#webpage", "url": "https://money.com/401k-millionaires-increase-stock-market/", "name": "Number of 401(k) Millionaires Surges Thanks to Booming Stock Market", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2024-05-24T18:41:54.000Z", "mainEntity": { "@id": "https://money.com/401k-millionaires-increase-stock-market/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/401k-millionaires-increase-stock-market/#breadcrumb" }, "dateModified": "2024-05-24T18:41:54.000Z" }, { "@type": "NewsArticle", "headline": "Number of 401(k) Millionaires Surges Thanks to Booming Stock Market", "articleSection": "Retirement", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2024/05/News-401K-Might-Be-Millionare.jpg", "width": 2160, "height": 1440, "caption": "News-401K-Might-Be-Millionare" } ], "author": [ { "@type": "Person", "name": "Pete Grieve", "url": "https://money.com/author/pete-grieve/", "@id": "https://money.com/author/pete-grieve/#author", "description": "Pete Grieve is a personal finance reporter. 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