NEW YORK CITY (VINnews) — The number of 401(k) millionaires in the United States reached an all-time high in the third quarter of 2025, according to data released Wednesday by Fidelity Investments.
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Fidelity, the nation’s largest 401(k) provider, reported 654,000 accounts with balances exceeding $1 million as of September 30 — a 10% jump from the second quarter and a sharp increase from prior years.
The surge was fueled by a roaring stock market, with the S&P 500 posting gains of roughly 20% year-to-date through the end of the third quarter, combined with disciplined long-term saving habits.
The average contribution rate among Fidelity plan participants stood at 14.3%, near historic highs. Most million-dollar account holders are seasoned workers: the average age is 59, and most have been with their employer — or a previous — employer for at least 15 years.
The average 401(k) balance across all 24 million accounts managed by Fidelity climbed to $144,400, also a record.
“Consistent contributions, the power of compounding, and strong equity returns over an extended period are what separate these savers from the rest,” said Mike Shamrell, Fidelity’s vice president of workplace thought leadership.
Many of these newly minted 401(k) millionaires fit the profile of what UBS Global Wealth Management terms “moderate millionaires” — individuals with investable assets between $1 million and $5 million.
While the milestone highlights the growing retirement security for a segment of American workers, experts caution that balances remain heavily tied to stock-market performance and could fluctuate significantly in a downturn.
Fidelity’s report covers approximately one-third of the U.S. defined-contribution market.