# \$11,000,000 in 1977 is worth \$43,565,627.06 in 2016

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## Value of \$11,000,000 from 1977 to 2016

\$11,000,000 in 1977 is equivalent in purchasing power to about \$43,565,627.06 in 2016, an increase of \$32,565,627.06 over 39 years. The dollar had an average inflation rate of 3.59% per year between 1977 and 2016, producing a cumulative price increase of 296.05%.

This means that prices in 2016 are 3.96 times higher than average prices since 1977, according to the Bureau of Labor Statistics consumer price index.

The 1977 inflation rate was 6.50%. The inflation rate in 2016 was 1.26%. The 2016 inflation rate is lower compared to the average inflation rate of 1.65% per year between 2016 and 2021.

 Cumulative price change 296.05% Average inflation rate 3.59% Converted amount (\$11,000,000 base) \$43,565,627.06 Price difference (\$11,000,000 base) \$32,565,627.06 CPI in 1977 60.600 CPI in 2016 240.007 Inflation in 1977 6.50% Inflation in 2016 1.26% \$11,000,000 in 1977 \$43,565,627.06 in 2016

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

## Buying power of \$11,000,000 in 1977

This chart shows a calculation of buying power equivalence for \$11,000,000 in 1977 (price index tracking began in 1635).

For example, if you started with \$11,000,000, you would need to end with \$43,565,627.06 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When \$11,000,000 is equivalent to \$43,565,627.06 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 1977 dollars, the chart below shows how \$11,000,000 is worth less over 39 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: 1977-2016
Year Dollar Value Inflation Rate
1977 \$11,000,000.00 6.50%
1978 \$11,834,983.50 7.59%
1979 \$13,178,217.82 11.35%
1980 \$14,957,095.71 13.50%
1981 \$16,500,000.00 10.32%
1982 \$17,516,501.65 6.16%
1983 \$18,079,207.92 3.21%
1984 \$18,859,735.97 4.32%
1985 \$19,531,353.14 3.56%
1986 \$19,894,389.44 1.86%
1987 \$20,620,462.05 3.65%
1988 \$21,473,597.36 4.14%
1989 \$22,508,250.83 4.82%
1990 \$23,724,422.44 5.40%
1991 \$24,722,772.28 4.21%
1992 \$25,466,996.70 3.01%
1993 \$26,229,372.94 2.99%
1994 \$26,900,990.10 2.56%
1995 \$27,663,366.34 2.83%
1996 \$28,480,198.02 2.95%
1997 \$29,133,663.37 2.29%
1998 \$29,587,458.75 1.56%
1999 \$30,240,924.09 2.21%
2000 \$31,257,425.74 3.36%
2001 \$32,146,864.69 2.85%
2002 \$32,655,115.51 1.58%
2003 \$33,399,339.93 2.28%
2004 \$34,288,778.88 2.66%
2005 \$35,450,495.05 3.39%
2006 \$36,594,059.41 3.23%
2007 \$37,636,336.63 2.85%
2008 \$39,081,402.64 3.84%
2009 \$38,942,359.74 -0.36%
2010 \$39,581,122.11 1.64%
2011 \$40,830,511.55 3.16%
2012 \$41,675,478.55 2.07%
2013 \$42,285,924.09 1.46%
2014 \$42,971,881.19 1.62%
2015 \$43,022,887.79 0.12%
2016 \$43,565,627.06 1.26%
2017 \$44,493,729.37 2.13%
2018 \$45,602,805.28 2.49%
2019 \$46,406,476.90 1.76%
2020 \$46,979,015.40 1.23%
2021 \$47,280,759.08 0.64%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 33 more rows

This conversion table shows various other 1977 amounts in 2016 dollars, based on the 296.05% change in prices:

Conversion: 1977 dollars in 2016
Initial value Equivalent value
\$1 dollar in 1977 \$3.96 dollars in 2016
\$5 dollars in 1977 \$19.80 dollars in 2016
\$10 dollars in 1977 \$39.61 dollars in 2016
\$50 dollars in 1977 \$198.03 dollars in 2016
\$100 dollars in 1977 \$396.05 dollars in 2016
\$500 dollars in 1977 \$1,980.26 dollars in 2016
\$1,000 dollars in 1977 \$3,960.51 dollars in 2016
\$5,000 dollars in 1977 \$19,802.56 dollars in 2016
\$10,000 dollars in 1977 \$39,605.12 dollars in 2016
\$50,000 dollars in 1977 \$198,025.58 dollars in 2016
\$100,000 dollars in 1977 \$396,051.16 dollars in 2016
\$500,000 dollars in 1977 \$1,980,255.78 dollars in 2016
\$1,000,000 dollars in 1977 \$3,960,511.55 dollars in 2016

## Inflation by City

Inflation can vary widely by city, even within the United States. Here's how some cities fared in 1977 to 2016 (figures shown are purchasing power equivalents of \$11,000,000):

• San Francisco, California: 3.97% average rate, \$11,000,000 → \$50,124,924.35, cumulative change of 355.68%
• Seattle, Washington: 3.87% average rate, \$11,000,000 → \$48,433,782.77, cumulative change of 340.31%
• Boston, Massachusetts: 3.71% average rate, \$11,000,000 → \$45,536,413.52, cumulative change of 313.97%
• New York: 3.69% average rate, \$11,000,000 → \$45,148,271.43, cumulative change of 310.44%
• Chicago, Illinois: 3.55% average rate, \$11,000,000 → \$42,939,184.28, cumulative change of 290.36%
• Philadelphia, Pennsylvania: 3.52% average rate, \$11,000,000 → \$42,453,983.47, cumulative change of 285.95%
• Dallas-Fort Worth, Texas: 3.52% average rate, \$11,000,000 → \$42,441,770.97, cumulative change of 285.83%
• Atlanta, Georgia: 3.48% average rate, \$11,000,000 → \$41,838,415.65, cumulative change of 280.35%
• Houston, Texas: 3.39% average rate, \$11,000,000 → \$40,350,500.42, cumulative change of 266.82%
• Detroit, Michigan: 3.38% average rate, \$11,000,000 → \$40,247,660.30, cumulative change of 265.89%

San Francisco, California experienced the highest rate of inflation during the 39 years between 1977 and 2016 (3.97%).

Detroit, Michigan experienced the lowest rate of inflation during the 39 years between 1977 and 2016 (3.38%).

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 £11,000,000.00 in 1977 would be equivalent to £62,718,131.87 in 2016, an absolute change of £51,718,131.87 and a cumulative change of 470.16%.

In Canada, CA\$11,000,000.00 in 1977 would be equivalent to CA\$40,469,914.04 in 2016, an absolute change of CA\$29,469,914.04 and a cumulative change of 267.91%.

Compare these numbers to the US's overall absolute change of \$32,565,627.06 and total percent change of 296.05%.

## 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 1977 and 2016.

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

Category Avg Inflation (%) Total Inflation (%) \$11,000,000 in 1977 → 2016
Food and beverages 3.46 276.59 41,425,119.90
Housing 3.78 324.87 46,735,529.81
Apparel 1.22 60.35 17,638,202.37
Transportation 3.11 230.50 36,355,057.40
Medical care 5.52 714.01 89,541,500.34
Recreation 1.11 53.86 16,924,906.59
Education and communication 2.14 128.33 25,116,776.42
Other goods and services 5.12 600.72 77,079,111.99

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 1977. This table and charts use the earliest available data for each category.

## How to Calculate Inflation Rate for \$11,000,000, 1977 to 2016

Our calculations use the following inflation rate formula to calculate the change in value between 1977 and 2016:

CPI in 2016 CPI in 1977
×
1977 USD value
=
2016 USD value

Then plug in historical CPI values. The U.S. CPI was 60.6 in the year 1977 and 240.007 in 2016:

240.00760.6
×
\$11,000,000
=
\$43,565,627.06

\$11,000,000 in 1977 has the same "purchasing power" or "buying power" as \$43,565,627.06 in 2016.

To get the total inflation rate for the 39 years between 1977 and 2016, we use the following formula:

CPI in 2016 - CPI in 1977CPI in 1977
×
100
=
Cumulative inflation rate (39 years)

Plugging in the values to this equation, we get:

240.007 - 60.660.6
×
100
=
296%

## Alternate Measurements of Inflation

The above data describe the CPI for all items. Also of note is the Core CPI, which measures inflation for all items except for the more volatile categories of food and energy. Core inflation averaged 3.66% per year between 1977 and 2016 (vs all-CPI inflation of 3.59%), for an inflation total of 305.75%.

When using the core inflation measurement, \$11,000,000 in 1977 is equivalent in buying power to \$44,632,711.46 in 2016, a difference of \$33,632,711.46. Recall that for All Items, the converted amount is \$43,565,627.06 with a difference of \$32,565,627.06.

In 1977, core inflation was 6.26%.

## Comparison to S&P 500 Index

The average inflation rate of 3.59% has a compounding effect between 1977 and 2016. As noted above, this yearly inflation rate compounds to produce an overall price difference of 296.05% over 39 years.

To help put this inflation into perspective, if we had invested \$11,000,000 in the S&P 500 index in 1977, our investment would be nominally worth approximately \$741,663,841.83 in 2016. This is a return on investment of 6,642.40%, with an absolute return of \$730,663,841.83 on top of the original \$11,000,000.

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 74.75% of returns (\$554,399,183.65) during this period. This means the inflation-adjusted real return of our \$11,000,000 investment is \$176,264,658.18. You may also want to account for capital gains tax, which would take your real return down to around \$149,824,959 for most people.

Investment in S&P 500 Index, 1977-2016
Original Amount Final Amount Change
Nominal \$11,000,000 \$741,663,841.83 6,642.40%
Real
Inflation Adjusted
\$11,000,000 \$187,264,658.18 1,602.41%

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 1977 to latest available data for 2016 using average monthly close price.

For more details on the S&P 500 between 1977 and 2016, see the stock market returns calculator.

## News headlines from 1977

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

• Apple Computer incorperated by Steve Jobs, Steve Wozniak, and Ronald Wayne.
• The Hindu Kubh Mela gathered 15,000,000 people, making it (at the time) the biggest crowd gathering in history.
• First Apple II computers are shipped.
• The last Guillotine execution was performed on Hamida Djandoubi, convicted torturer and murderer.

## 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: “\$11,000,000 in 1977 → 2016 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 15 Jan. 2021, https://www.officialdata.org/1977-dollars-in-2016?amount=11000000.

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.

#### 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.

 Cumulative price change 296.05% Average inflation rate 3.59% Converted amount (\$11,000,000 base) \$43,565,627.06 Price difference (\$11,000,000 base) \$32,565,627.06 CPI in 1977 60.600 CPI in 2016 240.007 Inflation in 1977 6.50% Inflation in 2016 1.26% \$11,000,000 in 1977 \$43,565,627.06 in 2016