Justin Elliott, Patricia Callahan and James Bandler have published their article, “The Number of People With IRAs Worth $5 Million or More Has Tripled, Congress Says.” The abstract is as follows:
The number of multimillion-dollar individual retirement accounts has soared in the past decade, as more wealthy Americans use the tax-advantaged vehicles to shield fortunes from income taxes, according to new data released by Congress today.
The data reveals for the first time the staggering amount of money socked away in tax-free mega Roth accounts: more than $15 billion held by just 156 Americans.
The new data also shows that the number of Americans with traditional and Roth IRAs worth over $5 million tripled, to more than 28,000, between 2011 and 2019.
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal