diff --git a/CHANGELOG.md b/CHANGELOG.md
index 04757e74d396..435821014996 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -48,6 +48,10 @@ Ref: https://keepachangelog.com/en/1.0.0/
 * [#20631](https://github.com/cosmos/cosmos-sdk/pull/20631) Fix json parsing in the wait-tx command.
 * (x/auth) [#20438](https://github.com/cosmos/cosmos-sdk/pull/20438) Add `--skip-signature-verification` flag to multisign command to allow nested multisigs.
 
+## Bug Fixes
+
+* (simulation) [#18196](https://github.com/cosmos/cosmos-sdk/pull/18196) Fix the problem of `validator set is empty after InitGenesis` in simulation test.
+
 ## [v0.50.7](https://github.com/cosmos/cosmos-sdk/releases/tag/v0.50.7) - 2024-06-04
 
 ### Improvements
diff --git a/testutil/sims/state_helpers.go b/testutil/sims/state_helpers.go
index 55b7a5b06556..d2e352cc300b 100644
--- a/testutil/sims/state_helpers.go
+++ b/testutil/sims/state_helpers.go
@@ -205,11 +205,11 @@ func AppStateRandomizedFn(
 	)
 	appParams.GetOrGenerate(
 		StakePerAccount, &initialStake, r,
-		func(r *rand.Rand) { initialStake = math.NewInt(r.Int63n(1e12)) },
+		func(r *rand.Rand) { initialStake = sdk.DefaultPowerReduction.AddRaw(r.Int63n(1e12)) },
 	)
 	appParams.GetOrGenerate(
 		InitiallyBondedValidators, &numInitiallyBonded, r,
-		func(r *rand.Rand) { numInitiallyBonded = int64(r.Intn(300)) },
+		func(r *rand.Rand) { numInitiallyBonded = int64(r.Intn(299) + 1) },
 	)
 
 	if numInitiallyBonded > numAccs {