Number of TSP Millionaires Hits Record High in 2023

The stock market rally in 2023 led to a record setting increase in the number of TSP millionaires.

The number of TSP millionaires exploded over the past year thanks to the outstanding performance of the stock market in 2023.

According to the latest figures from the Federal Retirement Thrift Investment Board (FRTIB), the agency that oversees the Thrift Savings Plan (TSP), there are now 116,827 TSP millionaires as of the end of December 31, 2023. At the end of 2022, there were 76,889, which is a 52% increase in one year.

Some other historical data points from 2023: at the end of March, there were 88,265 TSP millionaires. From March to the end of December, the number grew by 32%. At the end of September, there were 94,873 TSP millionaires, so the figure grew by 23% in the fourth quarter of the year alone.

The largest TSP account balance is now $8,007,210. This is up from $7,226,814.30 at the end of September and from $7,170,226.61 at the end of March.

The average years of contributions to the TSP among the $1 million and up account balances is 28.91 years. The average years of contributions among all TSP participants is 10.66 years; there were 6,989,602 participants at the end of 2023.

Total assets in the TSP as of the end of December 2023 are now $845 billion. At the end of December 2023, total TSP assets were about $726 billion.

Account BalanceNumber of ParticipantsAverage Years of Contributions
< $50,0004,255,0975.97
$50k – $249k1,720,81615.08
>= $1 million116,82728.91

How Has the Number of TSP Millionaires Changed Over the Last Decade?

The first time FedSmith reported on the number of TSP millionaires was in January 2012. At the end of December 2011, there were only 208 TSP millionaires.

The number has increased rapidly since then through the inevitable ups and downs of the stock market. The figure at the end of 2022 was the lowest number of TSP millionaires since December 2020. The latest figure is the highest number on record.

This table displays how the number has changed over time.

January 2012208
December 20169,599
December 201723,962
December 201821,432
December 201949,620
December 202075,420
June 202198,879
September 202198,523
December 2021112,880
March 2022100,364
June 202272,241
September 202265,494
December 202276,889
March 202388,265
June 2023100,534
September 202394,873
December 2023116,827

2023 TSP Performance

Last year’s stock market rally is to thank for the surge in TSP millionaires. The S&P 500, the index that the C Fund tracks, rose 24% in 2023 and 11% in the fourth quarter alone.

The performance of the TSP funds last year was as follows:

FundDecember2023 Returns
G Fund0.39%4.22%
F Fund3.72%5.58%
C Fund4.54%26.25%
S Fund10.45%25.30%
I Fund5.39%18.38%
L Income1.87%8.99%
L 20252.39%11.25%
L 20303.71%15.76%
L 20354.05%16.91%
L 20404.37%18.04%
L 20454.66%19.03%
L 20504.93%20.00%
L 20555.61%23.31%
L 20605.61%23.30%
L 20655.62%23.31%

As the TSP millionaire data indicate, the best way for federal employees to grow wealth is to invest in the stock funds over the course of an entire career, make consistent contributions to the TSP and take advantage of the matching funds from the government, and stay invested during the inevitable drops in the stock market such as the one in 2022. As 2023 proves, it will come back with a vengeance!

About the Author

Ian Smith is one of the co-founders of He has over 20 years of combined experience in media and government services, having worked at two government contracting firms and an online news and web development company prior to his current role at FedSmith.