Summary of US Millionaire Data
Value of a Million Dollars each Year 1850 to 2003
in Dollars of 2002
$25,000,000
Read this graph as follows: $1 million in 1850 would
equal in value approximately $22 million in 2002.
$20,000,000
$15,000,000
$10,000,000
$5,000,000
$0
1850
1860
1870
1880
1890
1900
1910
1920
1930
1940
1950
1960
1970
1980
Note: Data prior to 1913 should be considered approximations, so seemingly sharp
fluctuations during the 1800s may be exaggerated.
Calculations for 1850 to 1912 use data adapted from John J. McCusker, "How Much Is That
in Real Money?," Proceedings of the American Antiquarian Society (2001), Table A-1.
Calculations starting 1913 are based on CPI data from the Bureau of Labor Statistics.
summill.pdf
06/10/03
© Robert C. Sahr, Political Science Department, Oregon State University, Corvallis, OR 97331-6206
e-mail: [email protected]; WWW: http://www.orst.edu/Dept/pol_sci/fac/sahr/sahrhome.html
1990
2000
Summary of US Millionaire Data, page 2
Dollars Needed to Equal in Value $1 Million in the Year
2002 for each Year 1850 to 2003
$1,100,000
$1,000,000
$900,000
$800,000
$700,000
Read this graph as follows: To equal the
value of $1 million in dollars of the year 2002
would have required about $45,000 in 1850.
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0
1850
1860
1870
1880
1890
1900
1910
1920
1930
1940
1950
1960
Note: Data prior to 1913 should be considered approximations,
so seemingly sharp fluctuations during the 1800s may be exaggerated.
Calculations for 1850 to 1912 use data adapted from John J. McCusker, "How Much Is That
in Real Money?," Proceedings of the American Antiquarian Society (2001), Table A-1.
Calculations starting 1913 are based on CPI data from the Bureau of Labor Statistics.
1970
1980
1990
2000
Summary of US Millionaire Data, page 3
Net worth of selected wealthy Americans in 2002 or at year of death
(parentheses), in Billions of Current and Constant (2002) Dollars
S te phe n G ira rd (ba nking; 18 3 1)
$0.160
$0.543
John Ja c ob Astor (furs, e tc . ; 18 4 8 )
Corne lius V a nde rbilt (ra ilroa ds; 18 7 7 )
$1.721
Willia m H. V a nde rbilt (son of Corne lius; 18 8 3 )
Read this as follows: Girard net worth in 1831 was $8 million,
equivalent to about $160 million in dollars of 2002
$3.345
$2.164
J. P . Morga n (ba nking; 19 13 )
Fre de ric k We ye rha e use r (timbe r; 19 14 )
$3.571
Andre w Ca rne gie (ste e l; 19 19 )
$4.948
$1.237
John T. Dorra nc e (Ca mpbe ll S oup; 19 3 0 )
Ric ha rd Me llon (c oa l, ste e l, oil; 19 3 3 )
$4.861
Andre w Me llon (c oa l, ste e l, oil; 19 3 7 )
$4.375
$17.500
John D. Roc ke fe lle r (oil; 19 3 7 )
He nry Ford (a utomobile s; 19 4 7 )
$8.065
Arthur Da vis (Alc oa Aluminum; 19 6 2 )
$2.381
Robe rt Wood Johnson (Johnson & Johnson; 19 6 8 )
$5.181
Ha roldson Hunt (oil; 19 7 4 )
$3.650
Howa rd Hughe s (a irc ra ft; 19 7 6 )
$4.747
J. P a ul G e tty (oil; 19 7 6 )
$6.329
Da vid P a c ka rd (He wlitt- P a c ka rd; 19 9 6 )
$4.243
Lowe st listings on Forbe s 4 0 0 in 2 0 0 2
$0.550
H. Ross P e rot
$3.700
S a mue l I. Ne whouse (ne wspa pe rs)
$7.700
John Kluge (Me trome dia )
$10.500
Mic ha e l De ll (c ompute rs)
$11.200
La wre nc e Ellison (O ra c le )
$15.200
Alic e Wa lton, 3 othe r Wa ltons (Wa l- Ma rt)
$18.800
P a ul Alle n (Mic rosoft, S ports te a ms)
$21.000
Wa rre n Buffe tt (Be rkshire Ha tha wa y)
$36.000
Bill G a te s (Mic rosoft)
$43.000
$0
$5
$10
Net worth at death in current dollars
$15
$20
$25
$30
$35
Net worth at death or in 2002 in dollars of 2002
Source of current-dollar data: Forbes , October 11, 1999 and September 2002,
and Phillips, The Politics of Rich and Poor (1991), ch. 6
$40
$45
$50
Summary of US Millionaire Data, page 4
Number of US Millionaires and Value of $1 Million in Dollars of the
Year 2002 for Selected Years 1848 to 1988
2,500,000
$25
2,000,000
$20
1,500,000
$15
1,000,000
$10
500,000
0
$5
Left
Scale
50
1,000
4,047
5,000
1848
1875
1892
1910
10,000 15,000 20,000 13,000 27,000
1918
1927
1929
1944
1953
Number of millionaires
80,000
1961-62
1965 1968-69 1972-73 1976
1978
1979
1980
1981
1985
Value of $1 million in dollars of 2002
Source of number of millionaires: Phillips, The Politics of Rich and Poor (1991), Appendix A.
1987
1988
$0
Value of $1 million dollars that yea
in millions of dollars of 2002
Number of millionaires
Right
Scale