# \$8,800 in 1916 is worth \$223,301.21 today

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## Value of \$8,800 from 1916 to 2021

\$8,800 in 1916 is equivalent in purchasing power to about \$223,301.21 today, an increase of \$214,501.21 over 105 years. The dollar had an average inflation rate of 3.13% per year between 1916 and today, producing a cumulative price increase of 2,437.51%.

This means that today's prices are 25.38 times higher than average prices since 1916, according to the Bureau of Labor Statistics consumer price index. A dollar today only buys 3.94% of what it could buy back then.

The 1916 inflation rate was 7.92%. The current year-over-year inflation rate (2020 to 2021) is now 6.22%1. If this number holds, \$8,800 today will be equivalent in buying power to \$9,347.52 next year. The current inflation rate page gives more detail on the latest inflation rates.

 Cumulative price change 2,437.51% Average inflation rate 3.13% Converted amount (\$8,800 base) \$223,301.21 Price difference (\$8,800 base) \$214,501.21 CPI in 1916 10.900 CPI in 2021 276.589 Inflation in 1916 7.92% Inflation in 2021 6.22% \$8,800 in 1916 \$223,301.21 in 2021

USD Inflation since 1913
Annual Rate, the Bureau of Labor Statistics CPI

## Buying power of \$8,800 in 1916

This chart shows a calculation of buying power equivalence for \$8,800 in 1916 (price index tracking began in 1635).

For example, if you started with \$8,800, you would need to end with \$223,301.21 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When \$8,800 is equivalent to \$223,301.21 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 1916 dollars, the chart below shows how \$8,800 is worth less over 105 years.

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:

Dollar inflation: 1916-2021
Year Dollar Value Inflation Rate
1916 \$8,800.00 7.92%
1917 \$10,333.94 17.43%
1918 \$12,190.83 17.97%
1919 \$13,966.97 14.57%
1920 \$16,146.79 15.61%
1921 \$14,451.38 -10.50%
1922 \$13,563.30 -6.15%
1923 \$13,805.50 1.79%
1924 \$13,805.50 0.00%
1925 \$14,128.44 2.34%
1926 \$14,289.91 1.14%
1927 \$14,047.71 -1.69%
1928 \$13,805.50 -1.72%
1929 \$13,805.50 0.00%
1930 \$13,482.57 -2.34%
1931 \$12,271.56 -8.98%
1932 \$11,060.55 -9.87%
1933 \$10,495.41 -5.11%
1934 \$10,818.35 3.08%
1935 \$11,060.55 2.24%
1936 \$11,222.02 1.46%
1937 \$11,625.69 3.60%
1938 \$11,383.49 -2.08%
1939 \$11,222.02 -1.42%
1940 \$11,302.75 0.72%
1941 \$11,867.89 5.00%
1942 \$13,159.63 10.88%
1943 \$13,966.97 6.13%
1944 \$14,209.17 1.73%
1945 \$14,532.11 2.27%
1946 \$15,743.12 8.33%
1947 \$18,003.67 14.36%
1948 \$19,456.88 8.07%
1949 \$19,214.68 -1.24%
1950 \$19,456.88 1.26%
1951 \$20,990.83 7.88%
1952 \$21,394.50 1.92%
1953 \$21,555.96 0.75%
1954 \$21,717.43 0.75%
1955 \$21,636.70 -0.37%
1956 \$21,959.63 1.49%
1957 \$22,686.24 3.31%
1958 \$23,332.11 2.85%
1959 \$23,493.58 0.69%
1960 \$23,897.25 1.72%
1961 \$24,139.45 1.01%
1962 \$24,381.65 1.00%
1963 \$24,704.59 1.32%
1964 \$25,027.52 1.31%
1965 \$25,431.19 1.61%
1966 \$26,157.80 2.86%
1967 \$26,965.14 3.09%
1968 \$28,095.41 4.19%
1969 \$29,629.36 5.46%
1970 \$31,324.77 5.72%
1971 \$32,697.25 4.38%
1972 \$33,746.79 3.21%
1973 \$35,845.87 6.22%
1974 \$39,801.83 11.04%
1975 \$43,434.86 9.13%
1976 \$45,937.61 5.76%
1977 \$48,924.77 6.50%
1978 \$52,638.53 7.59%
1979 \$58,612.84 11.35%
1980 \$66,524.77 13.50%
1981 \$73,387.16 10.32%
1982 \$77,908.26 6.16%
1983 \$80,411.01 3.21%
1984 \$83,882.57 4.32%
1985 \$86,869.72 3.56%
1986 \$88,484.40 1.86%
1987 \$91,713.76 3.65%
1988 \$95,508.26 4.14%
1989 \$100,110.09 4.82%
1990 \$105,519.27 5.40%
1991 \$109,959.63 4.21%
1992 \$113,269.72 3.01%
1993 \$116,660.55 2.99%
1994 \$119,647.71 2.56%
1995 \$123,038.53 2.83%
1996 \$126,671.56 2.95%
1997 \$129,577.98 2.29%
1998 \$131,596.33 1.56%
1999 \$134,502.75 2.21%
2000 \$139,023.85 3.36%
2001 \$142,979.82 2.85%
2002 \$145,240.37 1.58%
2003 \$148,550.46 2.28%
2004 \$152,506.42 2.66%
2005 \$157,673.39 3.39%
2006 \$162,759.63 3.23%
2007 \$167,395.38 2.85%
2008 \$173,822.61 3.84%
2009 \$173,204.18 -0.36%
2010 \$176,045.21 1.64%
2011 \$181,602.13 3.16%
2012 \$185,360.29 2.07%
2013 \$188,075.38 1.46%
2014 \$191,126.31 1.62%
2015 \$191,353.17 0.12%
2016 \$193,767.12 1.26%
2017 \$197,895.05 2.13%
2018 \$202,827.89 2.49%
2019 \$206,402.39 1.76%
2020 \$208,948.87 1.23%
2021 \$223,301.21 6.87%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 99 more rows

This conversion table shows various other 1916 amounts in today's dollars, based on the 2,437.51% change in prices:

Conversion: 1916 dollars today
Initial value Equivalent value
\$1 dollar in 1916 \$25.38 dollars today
\$5 dollars in 1916 \$126.88 dollars today
\$10 dollars in 1916 \$253.75 dollars today
\$50 dollars in 1916 \$1,268.76 dollars today
\$100 dollars in 1916 \$2,537.51 dollars today
\$500 dollars in 1916 \$12,687.57 dollars today
\$1,000 dollars in 1916 \$25,375.14 dollars today
\$5,000 dollars in 1916 \$126,875.69 dollars today
\$10,000 dollars in 1916 \$253,751.38 dollars today
\$50,000 dollars in 1916 \$1,268,756.88 dollars today
\$100,000 dollars in 1916 \$2,537,513.76 dollars today
\$500,000 dollars in 1916 \$12,687,568.81 dollars today
\$1,000,000 dollars in 1916 \$25,375,137.61 dollars today

## Inflation by City

Inflation can vary widely by city, even within the United States. Here's how some cities fared in 1916 to 2021 (figures shown are purchasing power equivalents of \$8,800):

• San Francisco, California: 3.39% average rate, \$8,800 → \$292,978.56, cumulative change of 3,229.30%
• Seattle, Washington: 3.36% average rate, \$8,800 → \$282,090.30, cumulative change of 3,105.57%
• New York: 3.24% average rate, \$8,800 → \$251,341.46, cumulative change of 2,756.15%
• Boston, Massachusetts: 3.19% average rate, \$8,800 → \$236,858.76, cumulative change of 2,591.58%
• Philadelphia, Pennsylvania: 3.14% average rate, \$8,800 → \$226,145.32, cumulative change of 2,469.83%
• Houston, Texas: 3.10% average rate, \$8,800 → \$217,167.86, cumulative change of 2,367.82%
• Chicago, Illinois: 3.09% average rate, \$8,800 → \$215,830.62, cumulative change of 2,352.62%
• Detroit, Michigan: 3.07% average rate, \$8,800 → \$211,583.01, cumulative change of 2,304.35%

San Francisco, California experienced the highest rate of inflation during the 105 years between 1916 and 2021 (3.39%).

Detroit, Michigan experienced the lowest rate of inflation during the 105 years between 1916 and 2021 (3.07%).

Note that some locations showing 0% inflation may have not yet reported latest data.

## Inflation by Country

Inflation can also vary widely by country. For comparison, in the UK £8,800.00 in 1916 would be equivalent to £803,911.30 in 2021, an absolute change of £795,111.30 and a cumulative change of 9,035.36%.

In Canada, CA\$8,800.00 in 1916 would be equivalent to CA\$167,933.33 in 2021, an absolute change of CA\$159,133.33 and a cumulative change of 1,808.33%.

Compare these numbers to the US's overall absolute change of \$214,501.21 and total percent change of 2,437.51%.

## 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 1916 and 2021.

Compare these values to the overall average of 3.13% per year:

Category Avg Inflation (%) Total Inflation (%) \$8,800 in 1916 → 2021
Food and beverages 3.89 5,411.22 484,987.29
Housing 4.17 7,181.11 640,737.30
Apparel 1.87 596.52 61,293.70
Transportation 3.28 2,858.32 260,332.04
Medical care 4.69 12,178.06 1,080,469.42
Recreation 1.14 229.23 28,972.14
Education and communication 1.84 575.26 59,423.19
Other goods and services 4.94 15,776.12 1,397,098.46

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 1916. This table and charts use the earliest available data for each category.

## How to Calculate Inflation Rate for \$8,800 since 1916

Our calculations use the following inflation rate formula to calculate the change in value between 1916 and today:

CPI today CPI in 1916
×
1916 USD value
=
Today's value

Then plug in historical CPI values. The U.S. CPI was 10.9 in the year 1916 and 276.589 in 2021:

276.58910.9
×
\$8,800
=
\$223,301.21

\$8,800 in 1916 has the same "purchasing power" or "buying power" as \$223,301.21 in 2021.

To get the total inflation rate for the 105 years between 1916 and 2021, we use the following formula:

CPI in 2021 - CPI in 1916CPI in 1916
×
100
=
Cumulative inflation rate (105 years)

Plugging in the values to this equation, we get:

276.589 - 10.910.9
×
100
=
2,438%

## Comparison to S&P 500 Index

The average inflation rate of 3.13% has a compounding effect between 1916 and 2021. As noted above, this yearly inflation rate compounds to produce an overall price difference of 2,437.51% over 105 years.

To help put this inflation into perspective, if we had invested \$8,800 in the S&P 500 index in 1916, our investment would be nominally worth approximately \$278,668,405.34 in 2021. This is a return on investment of 3,166,586.42%, with an absolute return of \$278,659,605.34 on top of the original \$8,800.

These numbers are not inflation adjusted, so they are considered nominal. In order to evaluate the real return on our investment, we must calculate the return with inflation taken into account.

The compounding effect of inflation would account for 96.06% of returns (\$267,686,458.78) during this period. This means the inflation-adjusted real return of our \$8,800 investment is \$10,973,146.56. You may also want to account for capital gains tax, which would take your real return down to around \$9,327,175 for most people.

Investment in S&P 500 Index, 1916-2021
Original Amount Final Amount Change
Nominal \$8,800 \$278,668,405.34 3,166,586.42%
Real
\$8,800 \$10,981,946.56 124,694.85%

Information displayed above may differ slightly from other S&P 500 calculators. Minor discrepancies can occur because we use the latest CPI data for inflation, annualized inflation numbers for previous years, and we compute S&P price and dividends from January of 1916 to latest available data for 2021 using average monthly close price.

For more details on the S&P 500 between 1916 and 2021, see the stock market returns calculator.

Politics and news often influence economic performance. Here's what was happening at the time:

• Ottoman forces successfully defend access to Constantinople, leading to ANZAC forces withdrawal from the Gallipoli Peninsula.
• An estimated 1 million men are killed during the Battle of Verdun.
• The Easter Rising ends after Irish republicans abandon the post office in Dublin and surrenders.
• Tanks known as 'Little Willies' are used for the first time at the Battle of the Somme.
• The first aerial combat in France is won by Manfred von Richthofen, known as The Red Baron, German Luftstreitkrafte flying ace.

## Data Source & Citation

Raw data for these calculations comes from the Bureau of Labor Statistics' (CPI), established in 1913. Inflation data from 1665 to 1912 is sourced from a historical study conducted by political science professor Robert Sahr at Oregon State University.

You may use the following MLA citation for this page: “\$8,800 in 1916 → 2021 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 2 Dec. 2021, https://www.officialdata.org/1916-dollars-in-2021?amount=8800.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

in2013dollars.com is a reference website maintained by the Official Data Foundation.