"401(k) Millionaire Ranks Soar by 41% in 2023, Fidelity Reports"

Fidelity Investments reported a 41% increase in the number of 401(k) accounts with balances of at least $1 million in 2023, with the average account balance for this group reaching $1,551,300 in the fourth quarter. Strong market performance, steady savings rates, and employer contributions contributed to the growth, with the average 401(k) balance rising to $118,600 at the end of the fourth quarter. However, despite the positive trend, a significant portion of the US working population still does not participate in employer-sponsored retirement plans.