--- title: More Than 500,000 Americans Recently Became Millionaires. Here's How They Did It description: There are now 512,000 Americans with more than $1 million in their 401(k)s, and the ultra-rich had a banner year in 2024, per new reports. authors: - name: Martha C. White role: Writer url: https://money.com/author/martha-c-white/ education: BA, English, Princeton University at_money_since: 2015 articles: 354 covers: - Personal Finance - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Federal Reserve Rate Cuts - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Professional Services - Retirement - Shopping - Taxes - Technology editors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Personal Finance - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2025-06-06T18:27:07.000Z' modified: '2025-06-06T18:27:07.000Z' section: Personal Finance tags: - News word_count: 489 canonical: https://money.com/new-millionaires-ai-tech-stocks/ 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-illustration of two people sitting on a couch with a suitcase of money](https://img.money.com/2025/06/News-500k-US-Became-Millionaires.jpg) Stock market gains fueled by big bets on tech and the future of AI have turned more retirement savers into millionaires, and rich American investors are raking it in faster than their counterparts around the globe, according to two new studies. A new retirement [report](https://institutional.fidelity.com/app/literature/view?itemCode=9892751&renditionType=pdf) from Fidelity Investments finds that in the first three months of 2025, there were 512,000 401(k) millionaires, with an average account balance of $1.6 million. While the number of [401(k) millionaires](https://money.com/record-high-401k-savings-rate/) also dropped by nearly 5% in the first three months of 2025 due to market volatility, it's a big jump compared to five years ago. Stock gains have added to the wealth of the ultra-rich in addition to the merely well-off. According to an annual global wealth management [report](https://www.capgemini.com/wp-content/uploads/2025/06/WWR_2025.pdf) released Wednesday by consulting firm Capgemini, high-net-worth individuals — defined as people with $1 million or more to invest — had a banner year in 2024. ## Make sure your hard-earned money is protected with a Gold IRA ### Gold IRAs help you protect your investments by providing the asset diversification and stability you need. Click on your state to get started. [Invest in Gold](https://money.com/pr/i29c6a119361?ap_referrer=%2Fnew-millionaires-ai-tech-stocks%2F) Wealthy investors in the U.S. did especially well. This population grew in number by nearly 8%, while their wealth grew by roughly 9% compared to a year earlier. Overall, Capgemini estimates there are now 7.9 million of these millionaires in the U.S. Although high-net-worth investors in some other parts of the world also grew wealthier in 2024, rich Americans, by and large, did better than their overseas counterparts. Worldwide, the population of high-net-worth people grew by 2.6% in 2024 from a year earlier; the amount of wealth held increased by 4.2%. Enthusiasm for technology and [AI investments](https://money.com/investing-in-ai-stocks/) drove big stock gains in 2024 — including a roughly 23% rise in the S&P 500 and a 29% jump in the technology-heavy Nasdaq, the report noted. It also highlighted the especially outsized role tech stocks played in driving these returns, especially the "[Magnificent Seven](https://money.com/faang-magnificent-seven-tech-stocks/)" (that's Google parent Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla, for those not hip to investing lingo). What's more, the greatest gains were concentrated among the world's richest people. The folks Capgemini dubs "millionaires next door," or those with investable assets of $1 million to $5 million, saw a 2.4% growth in population and a 2.6% growth in wealth. In comparison, those with more than $30 million grew in number by 6.2% and expanded their wealth by 6.3%. Capgemini also found interest rate cuts combined more aggressive investing practices helped the rich get richer, a trend that seems to be continuing, according to the report. Affluent investors increased their exposure to equities and reduced their holdings of "safer" investments like bonds in the first three months of 2025. They also had 15% of their wealth locked up in digital assets like cryptocurrencies: a bet that the Trump administration will foster a favorable environment for bitcoin and crypto-based funds. ### 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/1ef6b3dfcca0?bidid=4118247247&pmeta=p129-c736-u23969&ptid=671105626&ptoken=f6dd2ac642d68310ff440b362496dc19) ### 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/54e8a87bd747?bidid=4118247249&pmeta=p129-c736-u23969&ptid=671105626&ptoken=bcb3145f31bfb4597de5fa61ac69c78e) ### 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/ff0f6502aebc?bidid=4118247244&pmeta=p129-c736-u23969&ptid=671105626&ptoken=7340a12334d36beba6649ce659b5102d) ![](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/cdf8db27d320?ap_referrer=%2Fnew-millionaires-ai-tech-stocks%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/new-millionaires-ai-tech-stocks/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Personal Finance", "item": "https://money.com/personal-finance/" }, { "@type": "ListItem", "position": 3, "name": "More Than 500,000 Americans Recently Became Millionaires. Here's How They Did It" } ] }, { "@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/new-millionaires-ai-tech-stocks/#webpage", "url": "https://money.com/new-millionaires-ai-tech-stocks/", "name": "More Than 500,000 Americans Recently Became Millionaires. Here's How They Did It", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2025-06-06T18:27:07.000Z", "mainEntity": { "@id": "https://money.com/new-millionaires-ai-tech-stocks/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/new-millionaires-ai-tech-stocks/#breadcrumb" }, "dateModified": "2025-06-06T18:27:07.000Z" }, { "@type": "NewsArticle", "headline": "More Than 500,000 Americans Recently Became Millionaires. Here's How They Did It", "articleSection": "Personal Finance", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2025/06/News-500k-US-Became-Millionaires.jpg", "width": 2880, "height": 1920, "caption": "News-500k-US-Became-Millionaires" } ], "author": [ { "@type": "Person", "name": "Martha C. White", "url": "https://money.com/author/martha-c-white/", "@id": "https://money.com/author/martha-c-white/#author", "image": "https://img.money.com/2014/01/martha.png?w=350&h=430&crop=1", "jobTitle": "Writer", "alumniOf": "BA, English, Princeton University", "worksFor": { "@id": "https://money.com/#organization" } } ], "publisher": "https://money.com/#organization", "datePublished": "2025-06-06T18:27:07.000Z", "description": "There are now 512,000 Americans with more than $1 million in their 401(k)s, and the ultra-rich had a banner year in 2024, per new reports.", "abstract": "There are now 512,000 Americans with more than $1 million in their 401(k)s, and the ultra-rich had a banner year in 2024, per new reports.", "@id": "https://money.com/new-millionaires-ai-tech-stocks/", "inLanguage": "en-US", "dateModified": "2025-06-06T18:27:07.000Z", "editor": [ { "@type": "Person", "name": "Julia Glum", "url": "https://money.com/author/julia-glum/", "@id": "https://money.com/author/julia-glum/#author", "description": "Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. ", "image": "https://img.money.com/2021/10/a_julia-glum.jpg?quality=85&w=400&h=440&crop=1", "email": "julia.glum@money.com", "jobTitle": "Managing Editor", "alumniOf": "University of Florida", "subjectOf": [ { "@type": "WebPage", "url": "https://www.newsweek.com", "name": "Newsweek" }, { "@type": "WebPage", "url": "https://www.ibtimes.com/", "name": "International Business Times" }, { "@type": "WebPage", "url": "https://www.cbsnews.com/news/home-office-tax-deduction-who-qualifies/", "name": "CBS News" }, { "@type": "WebPage", "url": "https://www.goodmorningamerica.com/living/story/coupon-queen-woman-tik-tok-share-tips-couponing-66302189", "name": "Good Morning America" }, { "@type": "WebPage", "url": "https://www.wusa9.com/video/entertainment/television/programs/great-day-washington/tips-to-being-better-with-money-in-2021/65-a5b83e05-73ba-4d60-b9a8-1d47f9ac6018", "name": "WUSA9" }, { "@type": "WebPage", "url": "https://pix11.com/news/coronavirus/rebound/making-ends-meet/millenials-taking-biggest-financial-hit-from-pandemic/", "name": "Pix 11" }, { "@type": "WebPage", "url": "https://www.nytimes.com/2019/09/10/opinion/active-shooter-drill-schools.html", "name": "The New York Times" }, { "@type": "WebPage", "url": "https://mashable.com/article/forrest-fenn-treasure-found", "name": "Mashable" }, { "@type": "WebPage", "url": "https://www.washingtonpost.com/news/post-nation/wp/2014/08/13/theres-an-app-for-that-authorities-say-man-asked-siri-for-help-dumping-body/", "name": "The Washington Post" }, { "@type": "WebPage", "url": "https://www.cnbc.com/2020/06/08/treasure-buried-by-forrest-fenn-finally-found-after-10-years.html", "name": "CNBC" }, { "@type": "WebPage", "url": "https://www.politico.com/tipsheets/florida-playbook/2017/03/gillum-for-governors-rollout-stumble-florida-woman-gets-trump-shout-out-rubios-tampa-office-problems-218973", "name": "Politico" } ], "sameAs": [ "https://x.com/superjulia", "https://www.linkedin.com/in/julia-glum" ], "worksFor": { "@id": "https://money.com/#organization" } } ], "wordCount": 489, "keywords": [ "News" ], "about": [ { "@type": "Thing", "name": "Personal finance", "sameAs": [ "https://en.wikipedia.org/wiki/Personal_finance" ] } ] } ] } ```