Millionaires' balances helped tobuoy Fidelity 401(k) balances overall, with the average balance inall Fidelity 401(k) accounts rising to $105,200 at the end of Q3.(Photo: Shutterstock)

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The number of Fidelity's IRA and 401(k) millionaires has risenfor the third straight quarter, and a report in Investor's Business Daily says thatthey also "hit record levels for the second quarter in a row, ineach type of account."

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Fidelity 401(k) account holders having at least $1 million inthose accounts, the report added, hit 200,000, up two percent fromthe 196,000 with that much at the end of Q2, and up from 180,000 atthe end of Q1.

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It's a different story from Q4 of 2018, when the number of thosemillionaires fell substantially—from 187,400 down to 133,800.

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Related: Are you ready to help create 'middle-classmillionaires'?

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According to the report, it only took two years—from Q3 of2017—for Fidelity's 401(k) millionaires to add to their numbers by50 percent—up from 133,000 to their present level.

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"401(k) millionaires are different than the average saver,"Meghan Murphy, a vice president of thought leadership at FidelityInvestments and an expert in 401(k) plans, is quoted saying in thereport.

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Murphy adds, "They save at a higher rate— about 23 percent (ofannual pay), including employer contributions. They tend to have abit higher equity exposure. Also, they're extremely engaged. Theysave consistently. They're older. And they do not take loans andwithdrawals from their accounts."

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They also make relatively large contributions, Murphy adds, thathave managed to offset a lot of negative market action.

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So if 401(k) millionaires are adding to their numbers, IRAmillionaires aren't standing still. They too have multiplied. Whilein Q4 2018 their numbers shrank to 138,800, down from 170,400, atthe end of Q3 2019, they went the other way, hitting 182,400—upfrom 179,700 at the close of Q2 and up from 168,100 at the end ofQ1.

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Millionaires' balances helped to buoy Fidelity 401(k) balancesoverall, with the average balance in all Fidelity 401(k) accountsrising to $105,200 at the end of Q3—reflecting a decrease of lessthan one percent from the $106,000 average as of the end of Q2.Fidelity account balances had hit their overall all-time quarterlyhigh in Q3 of 2018, at $106,500. Ten years ago, at the end of Q32009, that average was only a tad more than half that, at$59,100.

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