Value of $1,000,000 from 1850 to 2024
$1,000,000 in 1850 is equivalent in purchasing power to about $40,601,589.92 today, an increase of $39,601,589.92 over 174 years. The dollar had an average inflation rate of 2.15% per year between 1850 and today, producing a cumulative price increase of 3,960.16%.
This means that today's prices are 40.60 times as high as average prices since 1850, according to the Bureau of Labor Statistics consumer price index. A dollar today only buys 2.463% of what it could buy back then.
The inflation rate in 1850 was 1.30%. The current inflation rate compared to last year is now 3.14%. If this number holds, $1,000,000 today will be equivalent in buying power to $1,031,372.71 next year. The current inflation rate page gives more detail on the latest inflation rates.
Contents
- Overview
- Buying Power of $1,000,000
- Inflation by Spending Category
- Data Source
⌃
| Cumulative price change | 3,960.16% |
| Average inflation rate | 2.15% |
| Converted amount $1,000,000 base | $40,601,589.92 |
| Price difference $1,000,000 base | $39,601,589.92 |
| CPI in 1850 | 7.800 |
| CPI in 2024 | 316.692 |
| Inflation in 1850 | 1.30% |
| Inflation in 2024 | 3.14% |
| $1,000,000 in 1850 | $40,601,589.92 in 2024 |
USD inflation since 1850
Annual Rate, the Bureau of Labor Statistics CPI
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Buying power of $1,000,000 in 1850
This chart shows a calculation of buying power equivalence for $1,000,000 in 1850 (price index tracking began in 1635).
For example, if you started with $1,000,000, you would need to end with $40,601,589.92 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
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When $1,000,000 is equivalent to $40,601,589.92 over time, that means that the "real value" of a single U.S. dollar decreases over time. In other words, a dollar will pay for fewer items at the store.
This effect explains how inflation erodes the value of a dollar over time. By calculating the value in 1850 dollars, the chart below shows how $1,000,000 is worth less over 174 years.
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According to the Bureau of Labor Statistics, each of these USD amounts below is equal in terms of what it could buy at the time:
| Year | Dollar Value | Inflation Rate |
|---|---|---|
| 1850 | $1,000,000.00 | 1.30% |
| 1851 | $987,179.49 | -1.28% |
| 1852 | $987,179.49 | 0.00% |
| 1853 | $987,179.49 | 0.00% |
| 1854 | $1,076,923.08 | 9.09% |
| 1855 | $1,115,384.62 | 3.57% |
| 1856 | $1,089,743.59 | -2.30% |
| 1857 | $1,115,384.62 | 2.35% |
| 1858 | $1,051,282.05 | -5.75% |
| 1859 | $1,064,102.56 | 1.22% |
| 1860 | $1,064,102.56 | 0.00% |
| 1861 | $1,128,205.13 | 6.02% |
| 1862 | $1,294,871.79 | 14.77% |
| 1863 | $1,615,384.62 | 24.75% |
| 1864 | $2,012,820.51 | 24.60% |
| 1865 | $2,089,743.59 | 3.82% |
| 1866 | $2,038,461.54 | -2.45% |
| 1867 | $1,897,435.90 | -6.92% |
| 1868 | $1,820,512.82 | -4.05% |
| 1869 | $1,743,589.74 | -4.23% |
| 1870 | $1,679,487.18 | -3.68% |
| 1871 | $1,564,102.56 | -6.87% |
| 1872 | $1,564,102.56 | 0.00% |
| 1873 | $1,538,461.54 | -1.64% |
| 1874 | $1,461,538.46 | -5.00% |
| 1875 | $1,410,256.41 | -3.51% |
| 1876 | $1,371,794.87 | -2.73% |
| 1877 | $1,346,153.85 | -1.87% |
| 1878 | $1,282,051.28 | -4.76% |
| 1879 | $1,282,051.28 | 0.00% |
| 1880 | $1,307,692.31 | 2.00% |
| 1881 | $1,307,692.31 | 0.00% |
| 1882 | $1,307,692.31 | 0.00% |
| 1883 | $1,294,871.79 | -0.98% |
| 1884 | $1,256,410.26 | -2.97% |
| 1885 | $1,243,589.74 | -1.02% |
| 1886 | $1,205,128.21 | -3.09% |
| 1887 | $1,217,948.72 | 1.06% |
| 1888 | $1,217,948.72 | 0.00% |
| 1889 | $1,179,487.18 | -3.16% |
| 1890 | $1,166,666.67 | -1.09% |
| 1891 | $1,166,666.67 | 0.00% |
| 1892 | $1,166,666.67 | 0.00% |
| 1893 | $1,153,846.15 | -1.10% |
| 1894 | $1,102,564.10 | -4.44% |
| 1895 | $1,076,923.08 | -2.33% |
| 1896 | $1,076,923.08 | 0.00% |
| 1897 | $1,064,102.56 | -1.19% |
| 1898 | $1,064,102.56 | 0.00% |
| 1899 | $1,064,102.56 | 0.00% |
| 1900 | $1,076,923.08 | 1.20% |
| 1901 | $1,089,743.59 | 1.19% |
| 1902 | $1,102,564.10 | 1.18% |
| 1903 | $1,128,205.13 | 2.33% |
| 1904 | $1,141,025.64 | 1.14% |
| 1905 | $1,128,205.13 | -1.12% |
| 1906 | $1,153,846.15 | 2.27% |
| 1907 | $1,205,128.21 | 4.44% |
| 1908 | $1,179,487.18 | -2.13% |
| 1909 | $1,166,666.67 | -1.09% |
| 1910 | $1,217,948.72 | 4.40% |
| 1911 | $1,217,948.72 | 0.00% |
| 1912 | $1,243,589.74 | 2.11% |
| 1913 | $1,269,230.77 | 2.06% |
| 1914 | $1,282,051.28 | 1.01% |
| 1915 | $1,294,871.79 | 1.00% |
| 1916 | $1,397,435.90 | 7.92% |
| 1917 | $1,641,025.64 | 17.43% |
| 1918 | $1,935,897.44 | 17.97% |
| 1919 | $2,217,948.72 | 14.57% |
| 1920 | $2,564,102.56 | 15.61% |
| 1921 | $2,294,871.79 | -10.50% |
| 1922 | $2,153,846.15 | -6.15% |
| 1923 | $2,192,307.69 | 1.79% |
| 1924 | $2,192,307.69 | 0.00% |
| 1925 | $2,243,589.74 | 2.34% |
| 1926 | $2,269,230.77 | 1.14% |
| 1927 | $2,230,769.23 | -1.69% |
| 1928 | $2,192,307.69 | -1.72% |
| 1929 | $2,192,307.69 | 0.00% |
| 1930 | $2,141,025.64 | -2.34% |
| 1931 | $1,948,717.95 | -8.98% |
| 1932 | $1,756,410.26 | -9.87% |
| 1933 | $1,666,666.67 | -5.11% |
| 1934 | $1,717,948.72 | 3.08% |
| 1935 | $1,756,410.26 | 2.24% |
| 1936 | $1,782,051.28 | 1.46% |
| 1937 | $1,846,153.85 | 3.60% |
| 1938 | $1,807,692.31 | -2.08% |
| 1939 | $1,782,051.28 | -1.42% |
| 1940 | $1,794,871.79 | 0.72% |
| 1941 | $1,884,615.38 | 5.00% |
| 1942 | $2,089,743.59 | 10.88% |
| 1943 | $2,217,948.72 | 6.13% |
| 1944 | $2,256,410.26 | 1.73% |
| 1945 | $2,307,692.31 | 2.27% |
| 1946 | $2,500,000.00 | 8.33% |
| 1947 | $2,858,974.36 | 14.36% |
| 1948 | $3,089,743.59 | 8.07% |
| 1949 | $3,051,282.05 | -1.24% |
| 1950 | $3,089,743.59 | 1.26% |
| 1951 | $3,333,333.33 | 7.88% |
| 1952 | $3,397,435.90 | 1.92% |
| 1953 | $3,423,076.92 | 0.75% |
| 1954 | $3,448,717.95 | 0.75% |
| 1955 | $3,435,897.44 | -0.37% |
| 1956 | $3,487,179.49 | 1.49% |
| 1957 | $3,602,564.10 | 3.31% |
| 1958 | $3,705,128.21 | 2.85% |
| 1959 | $3,730,769.23 | 0.69% |
| 1960 | $3,794,871.79 | 1.72% |
| 1961 | $3,833,333.33 | 1.01% |
| 1962 | $3,871,794.87 | 1.00% |
| 1963 | $3,923,076.92 | 1.32% |
| 1964 | $3,974,358.97 | 1.31% |
| 1965 | $4,038,461.54 | 1.61% |
| 1966 | $4,153,846.15 | 2.86% |
| 1967 | $4,282,051.28 | 3.09% |
| 1968 | $4,461,538.46 | 4.19% |
| 1969 | $4,705,128.21 | 5.46% |
| 1970 | $4,974,358.97 | 5.72% |
| 1971 | $5,192,307.69 | 4.38% |
| 1972 | $5,358,974.36 | 3.21% |
| 1973 | $5,692,307.69 | 6.22% |
| 1974 | $6,320,512.82 | 11.04% |
| 1975 | $6,897,435.90 | 9.13% |
| 1976 | $7,294,871.79 | 5.76% |
| 1977 | $7,769,230.77 | 6.50% |
| 1978 | $8,358,974.36 | 7.59% |
| 1979 | $9,307,692.31 | 11.35% |
| 1980 | $10,564,102.56 | 13.50% |
| 1981 | $11,653,846.15 | 10.32% |
| 1982 | $12,371,794.87 | 6.16% |
| 1983 | $12,769,230.77 | 3.21% |
| 1984 | $13,320,512.82 | 4.32% |
| 1985 | $13,794,871.79 | 3.56% |
| 1986 | $14,051,282.05 | 1.86% |
| 1987 | $14,564,102.56 | 3.65% |
| 1988 | $15,166,666.67 | 4.14% |
| 1989 | $15,897,435.90 | 4.82% |
| 1990 | $16,756,410.26 | 5.40% |
| 1991 | $17,461,538.46 | 4.21% |
| 1992 | $17,987,179.49 | 3.01% |
| 1993 | $18,525,641.03 | 2.99% |
| 1994 | $19,000,000.00 | 2.56% |
| 1995 | $19,538,461.54 | 2.83% |
| 1996 | $20,115,384.62 | 2.95% |
| 1997 | $20,576,923.08 | 2.29% |
| 1998 | $20,897,435.90 | 1.56% |
| 1999 | $21,358,974.36 | 2.21% |
| 2000 | $22,076,923.08 | 3.36% |
| 2001 | $22,705,128.21 | 2.85% |
| 2002 | $23,064,102.56 | 1.58% |
| 2003 | $23,589,743.59 | 2.28% |
| 2004 | $24,217,948.72 | 2.66% |
| 2005 | $25,038,461.54 | 3.39% |
| 2006 | $25,846,153.85 | 3.23% |
| 2007 | $26,582,307.69 | 2.85% |
| 2008 | $27,602,948.72 | 3.84% |
| 2009 | $27,504,743.59 | -0.36% |
| 2010 | $27,955,897.44 | 1.64% |
| 2011 | $28,838,333.33 | 3.16% |
| 2012 | $29,435,128.21 | 2.07% |
| 2013 | $29,866,282.05 | 1.46% |
| 2014 | $30,350,769.23 | 1.62% |
| 2015 | $30,386,794.87 | 0.12% |
| 2016 | $30,770,128.21 | 1.26% |
| 2017 | $31,425,641.03 | 2.13% |
| 2018 | $32,208,974.36 | 2.49% |
| 2019 | $32,776,602.56 | 1.76% |
| 2020 | $33,180,982.91 | 1.23% |
| 2021 | $34,739,764.96 | 4.70% |
| 2022 | $37,519,978.63 | 8.00% |
| 2023 | $39,365,512.82 | 4.92% |
| 2024 | $40,601,589.92 | 3.14%* |
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 168 more rows
This conversion table shows various other 1850 amounts in today's dollars, based on the 3,960.16% change in prices:
| Initial value | Equivalent value |
|---|---|
| $1 dollar in 1850 | $40.60 dollars today |
| $5 dollars in 1850 | $203.01 dollars today |
| $10 dollars in 1850 | $406.02 dollars today |
| $50 dollars in 1850 | $2,030.08 dollars today |
| $100 dollars in 1850 | $4,060.16 dollars today |
| $500 dollars in 1850 | $20,300.79 dollars today |
| $1,000 dollars in 1850 | $40,601.59 dollars today |
| $5,000 dollars in 1850 | $203,007.95 dollars today |
| $10,000 dollars in 1850 | $406,015.90 dollars today |
| $50,000 dollars in 1850 | $2,030,079.50 dollars today |
| $100,000 dollars in 1850 | $4,060,158.99 dollars today |
| $500,000 dollars in 1850 | $20,300,794.96 dollars today |
| $1,000,000 dollars in 1850 | $40,601,589.92 dollars today |
Inflation by Spending Category
CPI is the weighted combination of many categories of spending that are tracked by the government. Breaking down these categories helps explain the main drivers behind price changes.
This chart shows the average rate of inflation for select CPI categories between 1850 and 2024.
Compare these values to the overall average of 2.15% per year:
| Category | Avg Inflation (%) | Total Inflation (%) | $1,000,000 in 1850 → 2024 |
|---|---|---|---|
| Food and beverages | 4.03 | 97,159.37 | 972,593,731.58 |
| Housing | 4.27 | 143,786.56 | 1,438,865,574.52 |
| Apparel | 2.00 | 3,014.89 | 31,148,875.13 |
| Transportation | 3.39 | 33,048.95 | 331,489,524.08 |
| Medical care | 4.63 | 264,207.86 | 2,643,078,620.05 |
| Recreation | 1.36 | 948.91 | 10,489,073.43 |
| Education and communication | 1.78 | 2,064.68 | 21,646,798.70 |
| Other goods and services | 4.99 | 479,846.43 | 4,799,464,291.28 |
The graph below compares inflation in categories of goods over time. Click on a category such as "Food" to toggle it on or off:
For all these visualizations, it's important to note that not all categories may have been tracked since 1850. This table and charts use the earliest available data for each category.
Inflation rates of specific categories
Medical Care · Housing · Rent · Food · More
Inflation-adjusted measures
How to calculate inflation rate for $1,000,000 since 1850
Our calculations use the following inflation rate formula to calculate the change in value between 1850 and today:
CPI today CPI in 1850
×
1850 USD value
=
Today's value
Then plug in historical CPI values. The U.S. CPI was 7.8 in the year 1850 and 316.6924014 in 2024:
316.69240147.8
×
$1,000,000
=
$40,601,589.92
$1,000,000 in 1850 has the same "purchasing power" or "buying power" as $40,601,589.92 in 2024.
To get the total inflation rate for the 174 years between 1850 and 2024, we use the following formula:
CPI in 2024 - CPI in 1850CPI in 1850
×
100
=
Cumulative inflation rate (174 years)
Plugging in the values to this equation, we get:
316.6924014 - 7.87.8
×
100
=
3,960%
Data source & citation
Raw data for these calculations comes from the Bureau of Labor Statistics' Consumer Price Index (CPI), established in 1913. Price index data from 1774 to 1912 is sourced from a historical study conducted by political science professor Robert Sahr at Oregon State University and from the American Antiquarian Society. Price index data from 1634 to 1773 is from the American Antiquarian Society, using British pound equivalents.
You may use the following MLA citation for this page: “$1,000,000 in 1850 → 2024 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 24 Dec. 2023, https://www.officialdata.org/us/inflation/1850?amount=1000000.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
About the author
Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.
As an expert in economics and data analysis, I have a comprehensive understanding of various economic concepts, including inflation, purchasing power, Consumer Price Index (CPI), and their implications on the value of currency over time. I have a background in studying economic trends, inflation rates, and historical data analysis, which allows me to interpret and analyze the information provided regarding the value of $1,000,000 from 1850 to 2024.
The provided article extensively covers the fluctuations in the purchasing power of $1,000,000 from 1850 to 2024, illustrating how inflation has significantly impacted the value of the US dollar over 174 years. It elucidates several crucial economic concepts:
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Inflation: Defined as the general increase in prices and the subsequent decrease in the purchasing power of a currency over time. The article discusses the average inflation rate of 2.15% per year between 1850 and the present day, resulting in a cumulative price increase of 3,960.16%.
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Consumer Price Index (CPI): An index used to measure the average change in prices over time of goods and services that households purchase, providing insight into inflation's effects. The article mentions the CPI in 1850 was 7.8, while in 2024, it reached 316.692, demonstrating how prices have increased over the years.
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Buying Power: The article highlights how the value of $1,000,000 in 1850 has drastically decreased in terms of purchasing power, equating to about $40,601,589.92 in 2024 due to inflation.
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Inflation Rates by Category: The article breaks down inflation rates for various spending categories, such as food and beverages, housing, apparel, transportation, medical care, recreation, education, communication, and other goods and services, showcasing how different sectors have experienced varying levels of inflation.
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Calculation Methodology: It elucidates the formula used to calculate inflation rates and the change in purchasing power between 1850 and 2024 based on the CPI values for the respective years.
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Data Sources: The article cites the Bureau of Labor Statistics' Consumer Price Index as the primary data source, along with historical studies conducted by academic institutions for earlier periods.
The author, Ian Webster, an engineer and data expert, has contributed significantly to this analysis, aiming to provide a valuable resource for understanding the impact of inflation on economic indicators. His background in data analysis and experience with prominent organizations such as Google and NASA adds credibility to the information presented in the article.
Overall, this comprehensive analysis offers a detailed insight into the fluctuations in the value of currency over a substantial period, emphasizing the effects of inflation on purchasing power and economic indicators.
