401(k) millionaires in the US reach an all-time high of 485,000 in Q1 2024, with average balances at $125,900.
401(k) millionaires in the US hit an all-time high of 485,000 in Q1 2024, with average balances at $125,900. The increase is due to factors like higher contribution limits, personal savings, employer contributions, and strong market performance. Fidelity's data shows that millionaires contribute an average of 17% of their income and 57.8% hit the $23,000 max contribution limit in 2023.
June 01, 2024
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