Barry Ritholtz, Columnist

Why the 401(k) Millionaires Club Got Smaller Last Year

For those who thought markets only go up, 2018 was an unwelcome surprise.

February 4, 2019 at 5:30 PM UTC

Barry Ritholtz is a former Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”

Great while it lasted
Photographer: Don Emmert/AFP/Getty Images

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Fidelity Investments’ quarterly data dump arrived last week, featuring loads of information about its retirement-account holders. It was eye-opening, to say the least.

Recall last summer when we noted there was about $1 trillion in 401(k) and other retirement accounts.1 The estimates from Fidelity suggested that about a million people had more than $1 million in their 401(k) accounts; about 18 percent of those accounts were Fidelity clients.