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Savings & Retirement

There Are More 401(k) and IRA Millionaires Than Ever

Hundreds of thousands of Baby Boomers watched their account balances tick over the $1 million mark in the past year.

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Photographer: Victor J. Blue/Bloomberg

The ranks of 401(k) and IRA millionaires are exploding.

The number of 401(k) accounts with balances of at least $1 million at Fidelity Investments grew 84% year over year to 412,000, while the number of seven-figure IRAs jumped more than 64% to 341,600 in the 12 months that ended in the second quarter, Fidelity said. Together, the number of accounts with $1 million or more grew 74.5% — though it isn’t clear how many individuals that represents, because people can have multiple accounts.