Number of 401(k) ‘millionaires’ reaches new high

(CNN)– The numbers of so-called “401K millionaires” hit a new record high in the second quarter, according to Fidelity Investments.

The increase was based off a new data analysis released on Wednesday, Aug. 28.

The report looked at 24 million accounts across 26 thousand employer sponsored plans.

As of June, nearly half a million 401K accounts had balances of one-million dollars or more.

The average “401K” balance across all participants is about 127 thousand dollars.

That average is up 13% from this time last year.