The federal government’s Thrift Savings Plan (TSP) is one of the most important benefits for the federal workforce. The TSP is an adjunct to the defined annuity the Federal Employees Retirement System (FERS) provides. The TSP is the federal version of a 401(k) plan available to many private sector employees.
Last year, a FedSmith article noted: “The number of TSP millionaires exploded over the past year thanks to the outstanding performance of the stock market in 2023.”
At that time, the number of TSP millionaires was 116,827. At the end of 2022, there were 76,889 TSP millionaires.
The latest increase in the number of millionaires in the TSP is even more impressive: it’s up to 155,334.
This table shows the increase in the number of TSP millionaires from 2011 (208 milliionaires) until September 2024 (155,344)
| Date | Number of Millionaires |
| 2011 | 208 |
| 2012 | 562 |
| 2013 | 1,695 |
| 2014 | 4,167 |
| 2015 | 3272 |
| 2016 | 9,599 |
| 2017 | 23,962 |
| 2018 | 21,432 |
| 2019 | 49,620 |
| 2020 | 75,420 |
| 2021 | 112,880 |
| 2022 | 76,889 |
| 2023 | 116,827 |
| 2024 | 155,334 |
One note to clarify the content of this chart; the data do not reflect identical dates for tallying the total number of millionaires. The final tally for each year was not always on the same date. The data show the latest data FedSmith has on file for each year. The data do demonstrate how the number of TSP millionaires has surged since 2011.
TSP Millionaires Account Balances and Average Years of Contributions
As one might expect, those who 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 29.35 as of the end of September 2024.
The average number of contributing years for all TSP participants is 10.69.
| Account Balance | Number of Participants September 30, 2024 | Averages Years of Contributions September 30, 2024 |
| < $50,000 | 4,226,268 | 5.96 |
| $50k – $249k | 1,783,192 | 14.55 |
| $250-$499k | 591,759 | 20.15 |
| $500k-749k | 245,702 | 23.05 |
| $750-999k | 122,002 | 25.05 |
| $1 million | 155,334 | 28.35 |
| Total | 7,124,257 | 10.69 |
The largest TSP account balance is now $9,312,403.
The TSP millionaires data indicate the best way for federal employees to grow wealth is to:
- Invest in the TSP stock funds throughout 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.
Investors with more than $1 million have an average federal service of 28.35 years.
Most federal employees now had their TSP assets invested in the TSP stock funds (C, S, I, and S Funds) as of October 2024. The TSP can significantly increase retirement income as it grows substantially over time.
This chart from the FRTIB shows how TSP participants are now allocating their assets:
| Fund | Assets (billions) | Share of Total |
| G | $232.60 | 24.6% |
| F | $20.70 | 2.2% |
| C | $335.70 | 35.5% |
| S | $90.30 | 9.5% |
| I | $32.20 | 3.4% |
| Lifecycle | $235.00 | 24.8% |
| MFW | $0.50 | 0.1% |
| Total | $946.90 | 100% |
