👉 You may be interested in £1,000,000 in 1905 → 2024
Value of £1,000,000 from 1905 to 2023
£1,000,000 in 1905 is equivalent in purchasing power to about £146,660,485.30 in 2023, an increase of £145,660,485.30 over 118 years. The pound had an average inflation rate of 4.32% per year between 1905 and 2023, producing a cumulative price increase of 14,566.05%.
This means that prices in 2023 are 146.66 times as high as average prices since 1905, according to the Office for National Statistics composite price index.
The inflation rate in 1905 was 0.00%. The inflation rate in 2023 was 7.07%. The 2023 inflation rate is higher compared to the average inflation rate of 3.90% per year between 2023 and 2024.
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| Cumulative price change | 14,566.05% |
| Average inflation rate | 4.32% |
| Converted amount £1,000,000 base | £146,660,485.30 |
| Price difference £1,000,000 base | £145,660,485.30 |
| CPI in 1905 | 9.300 |
| CPI in 2023 | 1,363.943 |
| Inflation in 1905 | 0.00% |
| Inflation in 2023 | 7.07% |
| £1,000,000 in 1905 | £146,660,485.30 in 2023 |
Buying power of £1,000,000 in 1905
This chart shows a calculation of buying power equivalence for £1,000,000 in 1905 (price index tracking began in 1750).
For example, if you started with £1,000,000, you would need to end with £146,660,485.30 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When £1,000,000 is equivalent to £146,660,485.30 over time, that means that the "real value" of a single U.K. pound decreases over time. In other words, a pound will pay for fewer items at the store.
This effect explains how inflation erodes the value of a pound over time. By calculating the value in 1905 dollars, the chart below shows how £1,000,000 is worth less over 118 years.
According to the Office for National Statistics, each of these GBP amounts below is equal in terms of what it could buy at the time:
This conversion table shows various other 1905 amounts in 2023 pounds, based on the 14,566.05% change in prices:
| Initial value | Equivalent value |
|---|---|
| £1 pound in 1905 | £146.66 pounds in 2023 |
| £5 pounds in 1905 | £733.30 pounds in 2023 |
| £10 pounds in 1905 | £1,466.60 pounds in 2023 |
| £50 pounds in 1905 | £7,333.02 pounds in 2023 |
| £100 pounds in 1905 | £14,666.05 pounds in 2023 |
| £500 pounds in 1905 | £73,330.24 pounds in 2023 |
| £1,000 pounds in 1905 | £146,660.49 pounds in 2023 |
| £5,000 pounds in 1905 | £733,302.43 pounds in 2023 |
| £10,000 pounds in 1905 | £1,466,604.85 pounds in 2023 |
| £50,000 pounds in 1905 | £7,333,024.26 pounds in 2023 |
| £100,000 pounds in 1905 | £14,666,048.53 pounds in 2023 |
| £500,000 pounds in 1905 | £73,330,242.65 pounds in 2023 |
| £1,000,000 pounds in 1905 | £146,660,485.30 pounds in 2023 |
How to calculate inflation rate for £1,000,000, 1905 to 2023
Our calculations use the following inflation rate formula to calculate the change in value between 1905 and 2023:
CPI in 2023 CPI in 1905
×
1905 GBP value
=
2023 GBP value
Then plug in historical CPI values. The U.K. CPI was 9.3 in the year 1905 and 1363.9425132808383 in 2023:
1363.94251328083839.3
×
£1,000,000
=
£146,660,485.30
£1,000,000 in 1905 has the same "purchasing power" or "buying power" as £146,660,485.30 in 2023.
To get the total inflation rate for the 118 years between 1905 and 2023, we use the following formula:
CPI in 2023 - CPI in 1905CPI in 1905
×
100
=
Cumulative inflation rate (118 years)
Plugging in the values to this equation, we get:
1363.9425132808383 - 9.39.3
×
100
=
14,566%
Data source & citation
Raw data for these calculations comes from the composite price index published by the UK Office for National Statistics (ONS). A composite index is created by combining price data from several different published sources, both official and unofficial. The Consumer Price Index, normally used to compute inflation, has only been tracked since 1988. All inflation calculations after 1988 use the Office for National Statistics' Consumer Price Index, except for the current year, which is based on The Bank of England's forecast.
You may use the following MLA citation for this page: “£1,000,000 in 1905 → 2023 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 1 Nov. 2024, https://www.officialdata.org/uk/inflation/1905?amount=1000000&endYear=2023.
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.
| Cumulative price change | 14,566.05% |
| Average inflation rate | 4.32% |
| Converted amount £1,000,000 base | £146,660,485.30 |
| Price difference £1,000,000 base | £145,660,485.30 |
| CPI in 1905 | 9.300 |
| CPI in 2023 | 1,363.943 |
| Inflation in 1905 | 0.00% |
| Inflation in 2023 | 7.07% |
| £1,000,000 in 1905 | £146,660,485.30 in 2023 |