Fidelity reports record 595,000 accounts worth over $1M as 401(k) millionaires surge 16%

Nearly 600,000 people now have seven figures sitting in their 401(k) accounts at Fidelity Investments. As of June 30, 2025, the financial giant counted 595,000 workplace retirement accounts with balances of $1 million or more, a record that represents a 16% jump from the 512,000 reported just one quarter earlier.

The numbers behind the milestone

The surge in millionaire accounts wasn’t an isolated bright spot. Fidelity’s data shows the average 401(k) balance across all its participants reached a record $137,800, reflecting 8% year-over-year growth. Similar gains showed up in 403(b) plans, commonly used by teachers and nonprofit employees, and in individual retirement accounts.

The typical 401(k) millionaire in Fidelity’s system is about 59 years old and has been saving consistently for around 25 years. The median balance among this group sits at $1.4 million, meaning half of them have even more stashed away.

Fidelity’s participants maintained a total savings rate of approximately 14.2%, which includes both their own contributions and employer matches. Only 5.5% of participants made any changes to their investment allocations during the quarter.

Who’s reaching millionaire status, and who isn’t

The generational breakdown skews exactly where you’d expect. Gen X and Baby Boomers dominate the ranks of 401(k) millionaires, which makes sense given the 25-year average savings timeline.

Those 595,000 millionaire accounts represent only about 2.4% of Fidelity’s total 401(k) participant base of nearly 24.6 million people. That means for every person who crossed the seven-figure threshold, roughly 40 others haven’t.

Later data from Fidelity showed the trend continued to accelerate, with the count of 401(k) millionaires expanding further to 654,000 as 2025 progressed.

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