The market was so bad last year that the share of investors with at least $1 million in their 401(k)s and IRAs shrunk by nearly 30% compared to 2021, according to data provided by Fidelity Investments.
Of the over 35 million retirement accounts Fidelity manages, there were 299,000 401(k) millionaires and around 280,300 IRA millionaires in the fourth quarter of 2022. That's compared to 442,000 and 376,000, respectively, at the same time in 2021. It's also down from the end of 2020, when Fidelity reported 334,000 401(k) millionaires and 288,300 IRA holders with seven-figure accounts.
