31.9% Drop in TSP Millionaires Since December 2021
As of December 31, 2021, there were 112,880 millionaires in the federal government’s Thrift Savings Plan (TSP). It may be awhile before that number is reached again.
At the end of September 2022, there were only 65,494 TSP millionaires—a drop of 42% in the number of TSP millionaires since 2021. That was the lowest point in some time.
The latest figures show that there are now 76,889 millionaires as of the end of 2022. That is an increase of about 17.4% since the end of September. There has been a drop of about 31.9% in the number of millionaires since December 2021.
How Has Number of TSP Millionaires Grown Over Time?
The first time FedSmith reported on the number of TSP millionaires was in January 2012. At the end of December 2011, there were 208 of these rare birds. The number has increased rapidly since then despite the 2022 drop in numbers. The figure at end end of 2022 was the lowest number of TSP millionaires since December 2020.
Obviously, the drop in the value of stock funds in the TSP is the biggest reason for the drop in the number of millionaires. As of December 2022, the S Fund was down 26% for the year and the C Fund was down 18.13%.
This chart displays how the number has changed over time.
| January 2012 | 208 |
| December 2016 | 9,599 |
| December 2017 | 23,962 |
| December 2018 | 21,432 |
| December 2019 | 49,620 |
| December 2020 | 75,420 |
| June 2021 | 98,879 |
| September 2021 | 98,523 |
| December 2021 | 112,880 |
| March 2022 | 100,364 |
| June 2022 | 72,241 |
| September 2022 | 65,494 |
| December 2022 | 76,889 |
In the latest report, there were 6,746,865 participants in the TSP program and TSP assets were over $748 billion. For comparison, in the same period in 2021, there were 6,521,753 TSP participants and the TSP assets were over $811 billion ($811,739 to be exact).
Breakdown of TSP Account Balances and Average Years of Contributions
As one might expect, those that have become TSP millionaires have been investing in the TSP a lot longer. The average years of contributions for those who have achieved millionaire status is 29.58 as of the end of December 2022.
The average number of contributing years for all TSP participants is 10.68.
| Account Balance | Number of Participants December 30, 2021 | Number of Participants December 30, 2022 | Averages Years of Contributions (December 30, 2022) |
| < $50,000 | 3,771,214 | 4,212,092 | 6.05 |
| $50k – $249k | 1,548,688 | 1,648,890 | 15.75 |
| $250-$499k | 538,256 | 527,560 | 21.42 |
| $500k-749k | 219,658 | 197,685 | 24.40 |
| $750-999k | 105,000 | 88,055 | 26.76 |
| $1 million | 112,800 | 76,889 | 29.58 |
| Total | 6,295,696 | 6,751,171 | 10.69 |
Frequently Asked Questions
How many millionaires are in the TSP?
76,889 millionaires are in the TSP as of December 31, 2022.
What are the total assets of the TSP?
As of November 2022, TSP assets were over $748 billion.
