How much is $1 million in 1923 worth today?

$1 million in 1923 is worth $19,589,474 in August 2026 dollars, according to the U.S. Consumer Price Index.

How much would I need today to match $1 million in 1923?

You would need $19,589,474 to buy what $1 million bought in 1923. That is 19.59 times as much.

Kept as cash, $1 million from 1923 buys only what $51,047.82 of 1923 money bought. It has lost 95% of its buying power.

Prices rose 1.8% in 1923. Since then the average has been 2.93% a year.

$1 million in 1923 has the same buying power as

$19,589,474 in August 2026

That is 1,859% more, an average inflation rate of 2.93% a year over 103 years.

Put the other way, $1 million today buys what $51,047.82 bought in 1923. Cash kept under the mattress since 1923 has lost 95% of its value.

$1 million from 1923 in each later year's dollars

Not everything rose at the same pace. What $1 million spent on each of these in 1923 costs today:

Amount ($) From year From month To year To month

$1,000,000 in 1923 has the same buying power as

$19,589,474 in August 2026

Prices rose 1,858.9% in total, an average of 2.93% a year.

How much is $1 million in 1923 worth today?: $1 million in 1923 is worth $19,589,474 in August 2026 dollars, according to the U.S. Consumer Price Index.
How much would I need today to match $1 million in 1923?: You would need $19,589,474 to buy what $1 million bought in 1923. That is 19.59 times as much.
How much buying power has $1 million lost since 1923?: Kept as cash, $1 million from 1923 buys only what $51,047.82 of 1923 money bought. It has lost 95% of its buying power.
What was inflation in 1923?: Prices rose 1.8% in 1923. Since then the average has been 2.93% a year.