The number of TSP millionaires increased sharply in the first quarter of 2023 thanks to a rising stock market.
According to the latest figures from the Federal Retirement Thrift Investment Board (FRTIB), the agency which oversees the Thrift Savings Plan (TSP), there are now 88,265 TSP millionaires as of the end of March 31, 2023. This is a 14.8% increase since December 31, 2022 when there were 76,889 TSP millionaires.
What is the largest TSP account balance? According to the latest TSP millionaires report, the biggest TSP account balance was $7,170,226.61 as of the end of March.
There were 6,775,574 total TSP participants and $760 billion in total assets in the TSP as of March 31, 2023.
22% Drop in TSP Millionaires Since December 2021
Despite the turnaround in 2023, the total number of TSP millionaires is still lower than it was at the time of the stock market’s recent peak. 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.
How Has the Number of TSP Millionaires Changed 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 last year’s declines. The figure at end end of 2022 was the lowest number of TSP millionaires since December 2020.
This table 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 |
| March 2023 | 88,265 |
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 29.36 as of the end of March 2023.
The average number of contributing years for all TSP participants is 10.71.
| Account Balance | Number of Participants March 31, 2022 | Number of Participants March 31, 2023 | Averages Years of Contributions March 31, 2023 |
| < $50,000 | 3,826,835 | 4,183,770 | 6.03 |
| $50k – $249k | 1,557,047 | 1,665,531 | 15.54 |
| $250-$499k | 530,781 | 538,386 | 21.18 |
| $500k-749k | 211,747 | 206,219 | 24.17 |
| $750-999k | 99,399 | 93,403 | 26.40 |
| $1 million | 100,364 | 88,265 | 29.36 |
| Total | 6,326,173 | 6,775,574 | 10.71 |
2023 TSP Performance
Better performance of the stock market so far in 2023 has bolstered the performance of the TSP funds and which led to the increase in the number of TSP millionaires. As of the close of markets on May 24, 2023, all TSP Funds have a positive return so far in 2023.
The I Fund has the best performance among the TSP core funds, with a return of 8.84% so far in 2023. The C Fund is a close second at 7.9% year-to-date. The three most aggressive Lifecycle Funds have the best performance among the L Funds. These three have each returned 7.67% so far this year.
2023 TSP Performance as of May 24, 2023
| Fund | YTD |
|---|---|
| G Fund | 1.52% |
| F Fund | 1.84% |
| C Fund | 7.90% |
| S Fund | 3.70% |
| I Fund | 8.84% |
| L Income | 3.10% |
| L 2025 | 3.99% |
| L 2030 | 5.34% |
| L 2035 | 5.69% |
| L 2040 | 6.05% |
| L 2045 | 6.35% |
| L 2050 | 6.65% |
| L 2055 | 7.67% |
| L 2060 | 7.67% |
| L 2065 | 7.67% |
TSP Millionaires FAQ’s
How many millionaires are in the TSP?
There are 88,265 TSP millionaires as of March 31, 2023.
What is the largest TSP account balance?
The largest TSP account balance was $7,170,226.61 as of March 31, 2023.
What are the total assets of the TSP?
As of March 2023, TSP assets were over $760 billion.
