At the end of the third quarter, the number of Fidelity 401(k) participants with at least $1 million in their account rose by 17% over the previous quarter to 262,000. Meanwhile, the number of IRA millionaires rose by 15% over the previous quarter to 234,000.
The previous record high number of 401(k) and IRA millionaires was at the end of 2019 when there were 233,000 Fidelity 401(k) millionaires and 208,000 IRA millionaires. According to Fidelity, most of the growth (90 percent) in account balances this year has been due to strong market performance rather than increased contributions.
The average Fidelity 401(k) account balance was up 5% at the end of the third quarter over the previous quarter to $109,600, while the average Fidelity IRA balance was up 6% at the end of the third quarter over the previous quarter to $109,600.
There has also been a drastic rise in the number of Thrift Savings Plan (TSP) millionaires this year.
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