The significant stock market gains driven by substantial investments in technology and the promising future of artificial intelligence (AI) have transformed a growing number of retirement savers into millionaires. This trend has been particularly pronounced among affluent American investors, who are accumulating wealth at a pace that outstrips their global counterparts, as highlighted in two recent studies.
A recent retirement report from Fidelity Investments reveals that in the first quarter of 2025, the number of 401(k) millionaires surged to 512,000, boasting an impressive average account balance of $1.6 million. Though the count of 401(k) millionaires experienced a nearly 5% decline early in 2025 due to market fluctuations, this figure remains a significant increase compared to five years prior, indicating a robust recovery and growth in retirement savings.
The wealth accumulation among the ultra-rich has been remarkable, with substantial stock gains contributing to the fortunes of not only the affluent but also the merely well-off. According to an annual global wealth management report from Capgemini, high-net-worth individuals—defined as those possessing $1 million or more for investment—enjoyed unprecedented financial success in 2024.
Affluent investors in the United States have particularly thrived during this period. This demographic saw a nearly 8% increase in numbers, while their collective wealth expanded by approximately 9% year-over-year. Capgemini estimates that the current count of millionaires in the U.S. stands at an impressive 7.9 million, reflecting a robust growth trend in wealth among the affluent.
While high-net-worth investors in several regions globally also witnessed increases in their wealth during 2024, it is evident that wealthy Americans outperformed their international peers significantly, creating a substantial gap in wealth accumulation.
On a worldwide scale, the population of high-net-worth individuals grew by 2.6% in 2024 compared to the previous year, with the total wealth held by this group rising by 4.2%. This growth underscores the continued global trend of wealth concentration among the richest segments of society.
Enthusiasm surrounding investments in technology and AI played a pivotal role in driving substantial stock market gains in 2024. Notable indicators included a remarkable 23% increase in the S&P 500 and a staggering 29% rise in the technology-centric Nasdaq. The report underscores the significant impact that technology stocks, particularly the so-called “Magnificent Seven”—which includes Google parent Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla—had in propelling these market returns.
Furthermore, it is important to note that the most substantial gains were primarily concentrated among the world’s wealthiest individuals, further exacerbating economic inequality.
The demographic of investors that Capgemini refers to as “millionaires next door,” characterized by those possessing investable assets ranging from $1 million to $5 million, experienced a modest growth of 2.4% in population and a wealth increase of 2.6%. In stark contrast, individuals with assets exceeding $30 million saw their numbers rise by 6.2% and their wealth expand by 6.3%, highlighting a growing divide in wealth accumulation rates.
Capgemini’s findings indicate that a combination of interest rate reductions and more aggressive investment strategies has significantly contributed to the rich getting richer. This trend appears to be persisting, as affluent investors have increased their exposure to equities, while simultaneously reducing their investments in traditional “safer” assets like bonds. Additionally, a noteworthy 15% of their wealth is now invested in digital assets such as cryptocurrencies, reflecting a strategic bet on the potential for favorable regulatory conditions for bitcoin and related crypto-based funds under the current administration.
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