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    Number of 401(k) Millionaires Surges Thanks to Booming Stock Market

    By Pete GrieveBrad Tuttle,

    2024-05-24
    https://img.particlenews.com/image.php?url=2Iczmg_0tMZaiJN00
    Money; Getty Images

    Stock market growth has boosted 401(k) 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 gained more than 10% in the first quarter, and is up 26% over the past 12 months.

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