There were 769,000 401(k) millionaires in the US as of Q2 2026, up 19% from 654,000 in Q1 2026. Only about 3% of Fidelity’s 25.8 million 401(k) participants have crossed the $1 million mark, and the average 401(k) balance reached a record $155,800 in the same quarter.
What is 401(k) Millionaires?
401(k) Millionaires refers to workers whose employer-sponsored retirement accounts hold a balance of $1 million or more. The category has become a closely tracked benchmark for retirement health because it separates a small, disciplined group of long-term savers from the vast majority of workers who fall well short of seven figures. Every quarter, Fidelity Investments, the largest 401(k) recordkeeper in the country, publishes a fresh count of these accounts, and every quarter that number has drawn national headlines because of how sharply it swings with the stock market and worker savings habits.
Reaching millionaire status inside a 401(k) is not about a lucky windfall. It is almost always the product of decades of consistent contributions, employer matching, and staying invested through market downturns rather than cashing out. The typical 401(k) millionaire in 2026 has been saving in the same plan for roughly 25 years and is close to 58 years old. That profile matters for anyone trying to understand what it actually takes to build a seven-figure nest egg, because it shows the milestone is overwhelmingly a function of time in the market and contribution discipline rather than exceptional income alone.
Financial advisors increasingly point out that the seven-figure headline understates who counts as genuinely wealthy in retirement terms. Some certified financial planners note that once traditional 401(k)s, Roth IRAs, brokerage accounts, and stock options are combined, a much larger share of long-tenured professionals in high-cost regions already qualify as retirement-account millionaires, even if their standalone 401(k) balance has not yet crossed the line. That distinction is one reason this report tracks both the narrower Fidelity 401(k)-only figures and the broader combined-account data reported separately by Empower later in this piece.
Interesting Facts About 401(k) Millionaires in US 2026
| Metric | Figure (2026) |
|---|---|
| Total 401(k) millionaires (Fidelity, Q2) | 769,000 |
| Total IRA millionaires (Fidelity, Q2) | 684,140 |
| Share of Fidelity 401(k) participants who are millionaires | 3% |
| Average 401(k) balance (Fidelity, Q2) | $155,800 |
| Average age of a 401(k) millionaire | 58 years |
| Average years saving continuously | 25 years |
| Households with $1 million+ in retirement accounts (EBRI) | 4.7% |
| Generation with the most 401(k) millionaires | Gen X (57%) |
Source: Fidelity Investments; Employee Benefit Research Institute (EBRI)
The table above shows just how narrow the path to a 401(k) million-dollar balance really is. Even with a record stock market run lifting 769,000 accounts past the seven-figure line, that group still represents only a tiny fraction of the tens of millions of Americans actively contributing to workplace retirement plans. The gap between the average balance of $155,800 and the millionaire threshold underscores how much distance separates the typical saver from the top tier.
What stands out most is the age and tenure profile. A 58-year-old average age paired with 25 years of continuous saving confirms that 401(k) Millionaires in US households are built gradually, not overnight. Combined with EBRI’s finding that only 4.7% of American households hold $1 million or more across all retirement accounts, the data paints a consistent picture: millionaire status inside a retirement plan remains rare, concentrated among long-tenured savers, and heavily tied to market performance in any given quarter.
Number of 401(k) Millionaires in US 2026 by Quarter
| Quarter | 401(k) Millionaires | IRA Millionaires | Avg. 401(k) Balance |
|---|---|---|---|
| Q4 2025 | 537,000 | — | $141,000-range |
| Q1 2026 | 654,000 | 571,622 | $141,000 |
| Q2 2026 | 769,000 | 684,140 | $155,800 |
Source: Fidelity Investments Retirement Analysis
The jump from 654,000 to 769,000 millionaire accounts between Q1 and Q2 2026 is the largest single-quarter increase since late 2023, driven almost entirely by a market rebound following an early-2026 pullback tied to geopolitical instability. IRA millionaires grew even faster in percentage terms, climbing from 571,622 to 684,140, reflecting how retirees and near-retirees who have rolled 401(k) balances into IRAs are also benefiting from the same market gains.
This quarter-over-quarter swing is exactly why the 401(k) millionaire count should never be read as a fixed statistic. It is a snapshot that moves with the S&P 500, contribution behavior, and rollover activity. A Q1 dip tied to market turbulence erased tens of thousands of millionaire accounts almost as quickly as they had formed, and the Q2 rebound restored them just as fast. Anyone using this figure to judge personal retirement progress should weigh several quarters of data rather than a single reading.
The decade-long trend line is even more telling than any single quarter. Fidelity’s average 401(k) balance stood near $89,000 ten years ago, meaning the current $155,800 average reflects 75% growth over that span and a 20% gain in just the past five years. That trajectory, layered on top of record-high employee contribution rates, explains why the millionaire count keeps setting new highs even after temporary pullbacks.
401(k) Millionaires by Age in US 2026
| Generation | Share of 401(k) Millionaires |
|---|---|
| Baby Boomers | 41% |
| Generation X | 57% |
| Millennials | 2% |
Source: Fidelity Investments
Generation X, born between 1965 and 1980, now makes up the outright majority of 401(k) millionaires at 57%, having overtaken Baby Boomers in recent years as the generation’s oldest members approach their late fifties and early sixties with multiple decades of uninterrupted contributions behind them. Baby Boomers still account for a substantial 41% of the millionaire pool, though their share continues shrinking as more of this generation begins drawing down balances in retirement rather than accumulating further gains.
Millennials remain a small but fast-growing slice at just 2%, a figure that has more than doubled in recent years as the oldest members of this generation, now in their early forties, cross the 15-to-20-year contribution mark needed to compound a six-figure balance into seven figures. The age skew here matters for anyone benchmarking their own progress: reaching 401(k) millionaire status before age 45 remains genuinely rare, and the data confirms this milestone is still overwhelmingly a Gen X and Boomer achievement.
Fidelity’s internal commentary attributes the Gen X surge specifically to a cohort that began contributing to workplace plans in their late twenties and early thirties, just as auto-enrollment and target-date funds started becoming standard plan features. That combination of an early start and hands-off, professionally managed investing appears to be a stronger predictor of eventual millionaire status than income level alone, since Fidelity’s data consistently shows plenty of millionaire accounts belonging to savers earning well under $150,000 annually.
Average 401(k) Balance by Generation in US 2026
| Generation | Average Balance | Median Balance |
|---|---|---|
| Baby Boomers | $315,000 | $93,200 |
| Generation X | $215,500 | $65,000 |
| Millennials | $68,900 | $24,500 |
| Gen Z | $10,100 | $3,500 |
Source: Fidelity Investments
The gap between average and median balances in this table reveals a critical detail about how 401(k) Millionaires in US data can mislead casual readers. Because a relatively small number of very large accounts pull the average upward, the median figure, which represents the middle saver in each generation, is dramatically lower across every age group. A Boomer average of $315,000 sits far above the Boomer median of just $93,200, meaning half of all Boomers still saving in a 401(k) have less than a tenth of the way there for a comfortable retirement, let alone millionaire status.
This divergence also explains why the millionaire cohort feels increasingly visible in the news even as most workers’ balances remain modest. The relatively small number of high-balance accounts among Gen X and Boomers is large enough to move national averages significantly, while doing little to shift the typical saver’s median outcome. For readers deep into their own retirement planning, the median column is a far more realistic benchmark than the average.
You can dig deeper into how these figures break down across every five-year band in the Average 401(k) Balance by Age Statistics in US report, which covers the full generational curve.
401(k) Millionaires by Gender in US 2026
| Metric | Figure |
|---|---|
| Women continuously saving 5+ years, average balance | $273,400 |
| Female IRA investors, average balance | $130,231 |
| Women’s average 401(k) balance growth (5-year) | 22% |
| Overall savers’ average balance growth (5-year) | 20% |
| Women who raised their 401(k) contribution rate in 2025 | Nearly 40% |
Source: Fidelity Investments
Women crossed a notable threshold in Q2 2026: those who continuously participated in a 401(k) for at least five years reached an average balance of $273,400, the first time this group’s balance has ever topped a quarter-million dollars. Female IRA investors as a whole averaged $130,231, a 12% year-over-year increase that outpaced the overall IRA growth rate reported for the same period.
The 22% five-year growth rate in women’s average 401(k) balances, compared with 20% among savers overall, indicates the gender gap in retirement savings is narrowing rather than widening, even though a full parity point has not yet been reached. Contribution behavior backs this up: nearly 40% of women increased their savings rate in 2025, a figure that climbed even higher among Gen Z women, who are entering the workforce with markedly stronger investing habits than previous generations of women did at the same career stage.
401(k) Millionaire Retirees Statistics in US 2026
| Age Group / Milestone | Figure |
|---|---|
| Households with $1 million+ in retirement accounts | 4.7% |
| Households with $2 million+ | 1.8% |
| Households with $3 million+ | 0.8% |
| Average savings, ages 65-74 | $609,230 |
| Median savings, ages 65-74 | $200,000 |
| Average savings, ages 75+ | $462,410 |
| Median savings, ages 75+ | $130,000 |
Source: Employee Benefit Research Institute (EBRI), Federal Reserve Survey of Consumer Finances
EBRI’s analysis of Federal Reserve data confirms just how exclusive the $1 million retirement club remains once workers actually reach retirement age. Only 4.7% of American households hold $1 million or more in retirement accounts, up from 3.2% in 2019, and that share collapses to under 1% once the bar is raised to $3 million. The household averages for people aged 65 to 74 and 75 and older sit well below the millionaire threshold, at $609,230 and $462,410 respectively.
The gap between average and median figures in this age bracket is even starker than in the generational data above. A median of $200,000 for the 65-74 group, against an average of over $600,000, shows that the small share of retirees holding seven-figure balances is inflating the picture for everyone else. For the typical American entering retirement, a six-figure balance in the low-to-mid hundreds of thousands remains the realistic outcome, not the seven-figure headline number that dominates financial media coverage.
Combined Retirement Millionaires: 401(k) Plus IRA in US 2026
| Metric (Empower Personal Dashboard, June 30, 2026) | Figure |
|---|---|
| 401(k) accounts with $1 million+ balances | 1,059,396 |
| Average balance among those accounts | $1,263,301 |
| Total retirement accounts (401(k)+IRA+brokerage) with $1 million+ | 2,337,054 |
| Average balance across all $1 million+ accounts | $2,466,465 |
Source: Empower Personal Dashboard
Empower’s broader retirement-account dataset, which spans workplace plans, IRAs, and individually managed brokerage accounts, tells a larger story than Fidelity’s 401(k)-only figures. Under this wider definition, over one million individual 401(k) accounts alone had crossed the $1 million mark by mid-2026, with an average balance among that group of $1,263,301. When every retirement-oriented account type is combined, the total climbs to more than 2.3 million millionaire accounts nationwide.
This broader lens matters because it captures households that rolled workplace balances into IRAs after a job change or retirement, a group that Fidelity’s plan-specific count would otherwise miss. The average balance of $2,466,465 across all combined millionaire accounts is also a reminder that many people who clear the $1 million bar keep growing their savings well past that point, particularly Gen X households in their prime saving years who are stacking IRA rollovers on top of active 401(k) contributions.
The size of this gap between provider-specific counts and platform-wide aggregator data is worth flagging for anyone comparing headlines from different sources. A single recordkeeper like Fidelity only sees the accounts it directly administers, so its 769,000 figure will always undercount the true national total. Aggregator platforms like Empower, which pull balances across multiple providers into one dashboard, capture a fuller picture and consistently report substantially higher totals as a result. Neither number is wrong; they are simply measuring different slices of the same retirement-savings population.
Savings Behavior of 401(k) Millionaires in US 2026
| Behavior Metric | Figure (Q2 2026) |
|---|---|
| Average combined savings rate (employee + employer) | 14.4% |
| Record employee-only contribution rate | 9.6% |
| Participants capturing full employer match | 81.2% |
| Personal savings rate among millionaires | 17.3% |
| Millionaire total rate with employer match | 25.8% |
| Workers with an outstanding 401(k) loan | 19.5% |
| Workers taking a hardship withdrawal | 3% |
Source: Fidelity Investments
The behavior gap between the average saver and the typical 401(k) millionaire is where the real story lives. General participants held a combined savings rate of 14.4%, just shy of Fidelity’s recommended 15% benchmark, while savers who had already crossed the millionaire line contributed 17.3% of their own pay, rising to 25.8% once employer matching is factored in. That gap of roughly ten percentage points, sustained across 25 years, is the single biggest driver separating millionaire accounts from everyone else’s.
At the same time, financial strain is climbing even as balances hit records. Nearly 1 in 5 workers, 19.5%, carried an outstanding 401(k) loan in 2026, and hardship withdrawals rose to 3% of participants, up from 2.6% a year earlier. This tension between record-high balances at the top and rising financial pressure elsewhere reflects the same divide seen throughout this report: a shrinking group of long-tenured, high-contribution savers is pulling further ahead while a larger share of the workforce leans on retirement funds to cover near-term costs, a pattern also visible in the Consumer Debt Statistics in US report.
For workers trying to close that gap, building a cash buffer before increasing 401(k) contributions is one of the most commonly recommended first steps, a topic covered in more depth in the Emergency Fund Statistics in US report.
FAQs About 401(k) Millionaires in US 2026
How many 401(k) millionaires are there in the US in 2026?
There were 769,000 401(k) millionaires at Fidelity Investments as of Q2 2026, up 19% from the previous quarter. Including IRA accounts, Fidelity reported an additional 684,140 IRA millionaires during the same period.
What percentage of Americans are 401(k) millionaires in 2026?
Roughly 3% of Fidelity’s 25.8 million 401(k) participants have crossed the $1 million threshold. Looking at all US households and every retirement account type, EBRI puts the figure at 4.7%.
What is the average age of a 401(k) millionaire in 2026?
The average 401(k) millionaire is close to 58 years old and has been contributing to the same account for approximately 25 years, according to Fidelity’s Q2 2026 retirement analysis.
Which generation has the most 401(k) millionaires in 2026?
Generation X holds the largest share of 401(k) millionaires at 57%, followed by Baby Boomers at 41%. Millennials make up a much smaller but growing 2% of the total.
How much do you need to save to become a 401(k) millionaire?
There is no fixed dollar target since the outcome depends on contribution rate, employer match, and market returns compounded over decades. Fidelity’s data shows millionaires save an average of 17.3% of their own pay, reaching 25.8% once employer contributions are included, sustained over roughly 25 years.
What percentage of retirees have $1 million saved in 2026?
According to EBRI’s analysis of Federal Reserve data, only 4.7% of American households hold $1 million or more across all retirement accounts, a figure that falls to 1.8% for $2 million and 0.8% for $3 million.
Are more women becoming 401(k) millionaires in 2026?
Women’s long-term savings are closing the gap. Women who saved continuously for five years or more reached an average balance of $273,400 in Q2 2026, the first time this group has topped a quarter-million dollars, with five-year balance growth of 22% versus 20% for savers overall.
What is the average 401(k) balance in the US in 2026?
The average 401(k) balance at Fidelity reached a record $155,800 in Q2 2026, up 13.1% year over year. Average IRA balances stood at $144,523, and average 403(b) balances reached $145,000.
How many total retirement millionaires are there when IRAs and brokerage accounts are included?
Empower’s Personal Dashboard counted 2,337,054 total retirement accounts, spanning 401(k)s, IRAs, and brokerage accounts, with balances of $1 million or more as of June 30, 2026, with an average balance of $2,466,465 across that group.
Disclaimer: The data research report we present here is based on information found from various sources. We are not liable for any financial loss, errors, or damages of any kind that may result from the use of the information herein. We acknowledge that though we try to report accurately, we cannot verify the absolute facts of everything that has been represented.
