Report: There Are a Lot More 401(k) Millionaires New data from Fidelity Investments showed trends among Americans and their retirement plans, including a 41% increase in accounts with $1 million.

By Emily Rella

Opinions expressed by Entrepreneur contributors are their own.

If you're working a full-time 9-to-5 and contributing to a 401(k) plan, now might be a good time to check in and see what's been happening with those automatic paycheck deductions.

According to a new report from Fidelity Investments, many Americans might be surprised to find that they've earned millionaire status.

Data from the retirement plan company released on Tuesday reveals that in Q4 of 2023, the number of 401(k) accounts with over $1 million increased 20% quarterly and 41% year-over-year, with an estimated 422,000 accounts falling in this range by the end of 2023.

Related: What is a 401(k) and How Does it Work?

The average account balance for those who made 401(k) millionaire status by the end of 2023 was $1,551,300 in Q4.

"This past year ended on a high note for retirement savers," Sharon Brovelli, president of Workplace Investing at Fidelity Investments, told CNN. "When it comes to matters like market stability and economic events, 2023 gave us the highs of the highs, and the lows of the lows but, encouragingly, many retirement savers took the long view and stayed the course through it all, which is the type of commitment that can lead to a secure financial future."

The report also found that an estimated 37.2% of employees increased their 401(k) contribution percentage in 2023, with 78% of employees participating in 401(k) planning to contribute at a percentage high enough to match their employer's full-match contribution.

Related: 401(k)s Are Popular Among Americans — and Pose a Major Risk

The report found that 27% of employees also actively increased their contributions to their 401(k) plans instead of relying on automatic increases or electing to leave their contribution amounts as is.

According to data by the Investment Company Institute, total U.S. retirement assets hit $35.7 trillion in Q3 of 2023, with retirement assets accounting for 32% of all financial assets in U.S. households as of September 2023.

Emily Rella

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Leadership

7 Telltale Signs of a Weak Leader

Whether a bully or a people pleaser who can't tell hard truths, poor leadership takes many forms.

Thought Leaders

Cultural Fit Can Make or Break an M&A Deal

One of the most critical components for success -- cultural fit -- often falls by the wayside.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Starting a Business

"Nothing Is Obvious the First Time": How This Serial Entrepreneur Is Redefining Sports Media with On3

On3 founder and serial entrepreneur Shannon Terry shares his thoughts on the evolving sports media landscape and his insights on building and growing a business from personal experience.