US has fewer 401(k) millionaires after coronavirus stock market meltdown

There were over 11 million households in America worth between $1 million and $5 million in February, according to Spectrem Group’s Market Insights Report 2020. That figure — the number of 401(k) millionaires, as they were called — was heralded in many newspapers just a few weeks ago.

Now, according to Spectrem, there are half a million fewer in this group because of the recent stock market meltdown.

Households with a net worth of between $100,000 to $1 million dropped by 200,000 to 31.6 million since the end of 2019, the report said.

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