More people seem to be cracking the code to reach the mega-millionaire threshold than ever before: The ultra-high net worth (UHNW) population — those with at least $30 million — increased by 7.6% to a high of 426,330¹ individuals worldwide in 2023, and a year-end stock rally helped fuel a 7% boost in their total wealth to $49 trillion.²

Where do the ultra-wealthy live?

With the U.S. posting double-digit growth in UHNW numbers in 2023, New York tops the list of the world’s largest population of this segment with 16,630 people, and Los Angeles ranks third overall with 8,955.³

Among Empower Personal Dashboard users who fall into the UHNW category of $30 million or more, the largest population (based on dashboard users) resides in California, with an average balance of $61,774,484. The Empire State comes in second, with an average balance of $63,271,990, followed by Florida, with an average balance of $59,740,620.

Average net worth – balances with at least $30 million, by state

*Anonymized user data from the Empower Personal Dashboard™ as of September 2024.

The highest average balances among UHNW individuals belong to residents of Iowa, with an average balance of $158,162,589, Arkansas with an average balance of $95,399,461, and Idaho, with an average balance of $85,246,236, according to dashboard data.

401(k) ultra-millionaires

More than 2 in 5 (42.2%) millionaires also qualify as retirement millionaires, according to dashboard data. Are the wealthiest Americans big retirement savers too? Among the UHNW, Georgians have accumulated the most for their golden years, with an average 401(k) balance of $2,052,263, based on dashboard data. Alaskans in the UHNW category have socked away $10,921,835 in 401(k) savings on average, and those in Wisconsin nearly as much with $10,201,750 in average 401(k) savings.

Average 401(k) balances for individuals with an average net worth of at least $30 million, by state

*Anonymized user data from the Empower Personal Dashboard™ as of September 2024.

California, New York, and Florida — the states with the highest population of dashboard users in the UHNW category — have allocated less for retirement, with average 401(k), savings of $2,756,880, $2,893,666, and $3,397,872, respectively. Dashboard data shows Bay Staters rank 8th highest both in terms of average balance and in order of population for UHNW retirement savers, with an average 401(k) balance of $6,892,501.

How “regular” millionaires stack up

According to the Federal Reserve, approximately 23.7 million households in the U.S. (18%) are millionaires — and the key to unlocking millionaire status could be less about income and more about saving and investing.⁴

Among dashboard users with $1 million or more, residents of the Silver State may do both, with Nevadans amassing the highest average net worth of $4,583,270. Connecticut ranks second with an average net worth balance of $4,326,124, and Wyoming takes the third spot with an average balance of $4,191,801.

Golden Staters have highest number of dashboard users in the more-than-$1 million segment, with an average net worth of $3,941,265. Texans follow with an average net worth of $3,551,664, and New York third with a $3,964,781 average net worth. New York and California also boast the sixth and seventh largest balances, respectively, among dashboard users with at least $1 million.

Average net worth – balances with at least $1 million, by state

*Anonymized user data from the Empower Personal Dashboard™ as of September 2024.

401(k) savings for average millionaires

The average millionaire has about $810,000 in retirement savings, and those worth between $1 million and $3 million have roughly $450,000 saved on average across various retirement accounts, according to Federal Reserve data.⁵

A look at dashboard millionaires with an average net worth of $1 million shows that the biggest savers fall just shy of qualifying as 401(k) millionaires. Individuals in Nebraska have an average 401(k) balance of $953,026, followed by Iowans with an average 401(k) balance of $945,243. Residents of the Constitution State, who have the second highest average net worth balance of $4,326,124, also have the third highest average 401(k) balance of $922,396.

Average 401(k) balances for individuals with an average net worth of at least $1 million, by state 

*Anonymized user data from the Empower Personal Dashboard™ as of September 2024.

Dashboard data shows California, Texas, and New York have the highest number of users with more than $1 million who are saving for their golden years, with balances of $702,659, $793,991, and $746,994, respectively, in average 401(k) savings.

Cracking the code

While there’s no surefire way to decipher the millionaire code, following the time-tested combination of saving early and often may be a good starting point for helping to build generational wealth.