# \$1,000,000 in 1937 → \$17,446,527.78 in 2018

## Inflation Calculator

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👉 You may be interested in \$1,000,000 in 1937 → 2020

### U.S. Inflation Rate, \$1,000,000 from 1937 to 2018

According to the Bureau of Labor Statistics consumer price index, prices in 2018 are 1,644.65% higher than average prices since 1937. The U.S. dollar experienced an average inflation rate of 3.59% per year during this period, meaning the real value of a dollar decreased.

In other words, \$1,000,000 in 1937 is equivalent in purchasing power to about \$17,446,527.78 in 2018, a difference of \$16,446,527.78 over 81 years.

The 1937 inflation rate was 3.60%. The inflation rate in 2018 was 2.49%. The 2018 inflation rate is higher compared to the average inflation rate of 1.33% per year between 2018 and 2020.

 Cumulative price change 1,644.65% Average inflation rate 3.59% Converted amount (\$1,000,000 base) \$17,446,527.78 Price difference (\$1,000,000 base) \$16,446,527.78 CPI in 1937 14.400 CPI in 2018 251.230 Inflation in 1937 3.60% Inflation in 2018 2.49%

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

### Buying power of \$1,000,000 in 1937

This chart shows a calculation of buying power equivalence for \$1,000,000 in 1937 (price index tracking began in 1635).

For example, if you started with \$1,000,000, you would need to end with \$17,446,527.78 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When \$1,000,000 is equivalent to \$17,446,527.78 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 1937 dollars, the chart below shows how \$1,000,000 buys less over the past 81 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:

Year Dollar Value Inflation Rate
1937 \$1,000,000.00 3.60%
1938 \$979,166.67 -2.08%
1939 \$965,277.78 -1.42%
1940 \$972,222.22 0.72%
1941 \$1,020,833.33 5.00%
1942 \$1,131,944.44 10.88%
1943 \$1,201,388.89 6.13%
1944 \$1,222,222.22 1.73%
1945 \$1,250,000.00 2.27%
1946 \$1,354,166.67 8.33%
1947 \$1,548,611.11 14.36%
1948 \$1,673,611.11 8.07%
1949 \$1,652,777.78 -1.24%
1950 \$1,673,611.11 1.26%
1951 \$1,805,555.56 7.88%
1952 \$1,840,277.78 1.92%
1953 \$1,854,166.67 0.75%
1954 \$1,868,055.56 0.75%
1955 \$1,861,111.11 -0.37%
1956 \$1,888,888.89 1.49%
1957 \$1,951,388.89 3.31%
1958 \$2,006,944.44 2.85%
1959 \$2,020,833.33 0.69%
1960 \$2,055,555.56 1.72%
1961 \$2,076,388.89 1.01%
1962 \$2,097,222.22 1.00%
1963 \$2,125,000.00 1.32%
1964 \$2,152,777.78 1.31%
1965 \$2,187,500.00 1.61%
1966 \$2,250,000.00 2.86%
1967 \$2,319,444.44 3.09%
1968 \$2,416,666.67 4.19%
1969 \$2,548,611.11 5.46%
1970 \$2,694,444.44 5.72%
1971 \$2,812,500.00 4.38%
1972 \$2,902,777.78 3.21%
1973 \$3,083,333.33 6.22%
1974 \$3,423,611.11 11.04%
1975 \$3,736,111.11 9.13%
1976 \$3,951,388.89 5.76%
1977 \$4,208,333.33 6.50%
1978 \$4,527,777.78 7.59%
1979 \$5,041,666.67 11.35%
1980 \$5,722,222.22 13.50%
1981 \$6,312,500.00 10.32%
1982 \$6,701,388.89 6.16%
1983 \$6,916,666.67 3.21%
1984 \$7,215,277.78 4.32%
1985 \$7,472,222.22 3.56%
1986 \$7,611,111.11 1.86%
1987 \$7,888,888.89 3.65%
1988 \$8,215,277.78 4.14%
1989 \$8,611,111.11 4.82%
1990 \$9,076,388.89 5.40%
1991 \$9,458,333.33 4.21%
1992 \$9,743,055.56 3.01%
1993 \$10,034,722.22 2.99%
1994 \$10,291,666.67 2.56%
1995 \$10,583,333.33 2.83%
1996 \$10,895,833.33 2.95%
1997 \$11,145,833.33 2.29%
1998 \$11,319,444.44 1.56%
1999 \$11,569,444.44 2.21%
2000 \$11,958,333.33 3.36%
2001 \$12,298,611.11 2.85%
2002 \$12,493,055.56 1.58%
2003 \$12,777,777.78 2.28%
2004 \$13,118,055.56 2.66%
2005 \$13,562,500.00 3.39%
2006 \$14,000,000.00 3.23%
2007 \$14,398,750.00 2.85%
2008 \$14,951,597.22 3.84%
2009 \$14,898,402.78 -0.36%
2010 \$15,142,777.78 1.64%
2011 \$15,620,763.89 3.16%
2012 \$15,944,027.78 2.07%
2013 \$16,177,569.44 1.46%
2014 \$16,440,000.00 1.62%
2015 \$16,459,513.89 0.12%
2016 \$16,667,152.78 1.26%
2017 \$17,022,222.22 2.13%
2018 \$17,446,527.78 2.49%
2019 \$17,753,993.06 1.76%
2020 \$17,914,652.78 0.90%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 75 more rows

### Inflation by City

Inflation can vary widely by city, even within the United States. Here's how some cities fared in 1937 to 2018 (figures shown are purchasing power equivalents of \$1,000,000):

• San Francisco, California: 3.91% average rate, \$1,000,000 → \$22,332,472.28, cumulative change of 2,133.25%
• Seattle, Washington: 3.79% average rate, \$1,000,000 → \$20,372,871.47, cumulative change of 1,937.29%
• Boston, Massachusetts: 3.68% average rate, \$1,000,000 → \$18,701,187.78, cumulative change of 1,770.12%
• New York: 3.66% average rate, \$1,000,000 → \$18,406,311.66, cumulative change of 1,740.63%
• Houston, Texas: 3.56% average rate, \$1,000,000 → \$16,966,952.44, cumulative change of 1,596.70%
• Philadelphia, Pennsylvania: 3.55% average rate, \$1,000,000 → \$16,935,619.74, cumulative change of 1,593.56%
• Atlanta, Georgia: 3.55% average rate, \$1,000,000 → \$16,915,239.50, cumulative change of 1,591.52%
• Chicago, Illinois: 3.55% average rate, \$1,000,000 → \$16,868,568.89, cumulative change of 1,586.86%
• Detroit, Michigan: 3.47% average rate, \$1,000,000 → \$15,891,300.63, cumulative change of 1,489.13%

San Francisco, California experienced the highest rate of inflation during the 81 years between 1937 and 2018 (3.91%).

Detroit, Michigan experienced the lowest rate of inflation during the 81 years between 1937 and 2018 (3.47%).

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 £1,000,000.00 in 1937 would be equivalent to £66,361,045.18 in 2018, an absolute change of £65,361,045.18 and a cumulative change of 6,536.10%.

In Canada, CA\$1,000,000.00 in 1937 would be equivalent to CA\$16,769,230.77 in 2018, an absolute change of CA\$15,769,230.77 and a cumulative change of 1,576.92%.

Compare these numbers to the US's overall absolute change of \$16,446,527.78 and total percent change of 1,644.65%.

### Inflation by Spending Category

CPI is the weighted combination of many categories of spending that are tracked by the government. This chart shows the average rate of inflation for select CPI categories between 1937 and 2018.

Compare these values to the overall average of 3.59% per year:

Category Avg Inflation (%) Total Inflation (%) \$1,000,000 in 1937 → 2018
Food and beverages 3.96 2,220.08 23,200,752.69
Housing 4.26 2,834.42 29,344,206.73
Apparel 2.17 467.54 5,675,446.46
Transportation 3.35 1,346.86 14,468,649.62
Medical care 5.17 5,824.52 59,245,234.59
Recreation 1.09 140.41 2,404,145.48
Education and communication 1.89 357.18 4,571,756.97
Other goods and services 5.10 5,502.49 56,024,896.00

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 1937. This table and charts use the earliest available data for each category.

### How to Calculate Inflation Rate for \$1,000,000, 1937 to 2018

This inflation calculator uses the following inflation rate formula:

CPI in 2018CPI in 1937
×
1937 USD value
=
2018 USD value

Then plug in historical CPI values. The U.S. CPI was 14.4 in the year 1937 and 251.23 in 2018:

251.2314.4
×
\$1,000,000
=
\$17,446,527.78

\$1,000,000 in 1937 has the same "purchasing power" or "buying power" as \$17,446,527.78 in 2018.

To get the total inflation rate for the 81 years between 1937 and 2018, we use the following formula:

CPI in 2018 - CPI in 1937CPI in 1937
×
100
=
Cumulative inflation rate (81 years)

Plugging in the values to this equation, we get:

251.23 - 14.414.4
×
100
=
1,645%

### Comparison to S&P 500 Index

The average inflation rate of 3.59% has a compounding effect between 1937 and 2018. As noted above, this yearly inflation rate compounds to produce an overall price difference of 1,644.65% over 81 years.

To help put this inflation into perspective, if we had invested \$1,000,000 in the S&P 500 index in 1937, our investment would be nominally worth approximately \$2,788,477,752.54 in 2018. This is a return on investment of 278,747.78%, with an absolute return of \$2,787,477,752.54 on top of the original \$1,000,000.

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 94.27% of returns (\$2,628,647,797.37) during this period. This means the inflation-adjusted real return of our \$1,000,000 investment is \$158,829,955.17. You may also want to account for capital gains tax, which would take your real return down to around \$135,005,462 for most people.

Investment in S&P 500 Index, 1937-2018
Original Amount Final Amount Change
Nominal \$1,000,000 \$2,788,477,752.54 278,747.78%
Real
\$1,000,000 \$159,829,955.17 15,883.00%

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 1937 to latest available data for 2018 using average monthly close price.

For more details on the S&P 500 between 1937 and 2018, see the stock market returns calculator.

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

• The Second Sino-Japanese War starts when Japanese and Chinese troops clash at the Marco Polo Bridge.
• 193,000 Russians are executed by order of the Politburo's Operative Order 00447.
• Adolf Hitler and his military leaders hold a secret meeting where he reveals his plan to go to war.

### 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: “\$1,000,000 in 1937 → 2018 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 21 Feb. 2020, https://www.officialdata.org/1937-dollars-in-2018?amount=1000000.