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, an...