July 7, 2020
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$1 Million Facts You Probably Didn’t Know

$1 Million Facts You Probably Didn’t Know

 

Way back in the day $1 million seemed like an unimaginable amount of money but now it’s more like back pocket change – in the world of the wealthy at least! We thought, with $1 million now being seen as small fry, we’d give you some totally random facts and figures about one million dollars that would make you rethink its value in many ways!

 

In the Past

  • It was in the 1960’s that having $1 million captured the imagination of the population as a symbol of ultimate wealth.
Brigitte Bardot in sunglasses

Image from: pinterest.com

  • The term ‘millionaire’ was first used in 1826 in a novel – Vivian Grey by Benjamin Disraeli
  • The Hendrick Hudson, a luxury steamboat which operated for the Hudson River Day Line from 1906 to 1948. It was built for nearly $1 million and was 390 feet long with a dome of Tiffany glass and 24 parlours!
  • The Palmer Mansion was the largest residence in Illinois and was completed in 1885. It cost around $1 million to build.
Black and white photo of the Palmer mansion

Image from: mygenealogyhound.com

  • The Eiffel Tower was built from 1887 to 1889 and cost $1.5 million!
  • Having $1 million in 1990 is equivalent to having roughly $1 992 331.48 in 2019.
  • With $1 million in 1950 you could live like royalty! You could buy an average house for approximately $7 354 and a Volskwagen Beetle fresh off the floor was yours for just $1 280. You could pay just $1 and find yourself the owner of bleacher tickers for the MLB All-Star Game at Chicago’s Comiskey Park.
  • Buying a house in 1940 would’ve cost you roughly $2 938. By 1980 it would’ve cost you $47 000 and by 2000 the average home was selling for $119 600. In areas such as New York or San Francisco buying a home could cost well over $1 million in 2019!

In Perspective

  • A tower of stacked one million $1 bills would weigh exactly one ton and would reach the height of roughly 360 feet.
A stack of $100 bills

Image from: istockphoto.com

  • $1 million worth of $100 bills weighs in at only 10kg. The same amount in one-cent coins weighs 246 tons.
  • If you had $1 million and spent $1000 every day you would run out of money in three years.
  • If you had $1 billion and you spent $1000 each day you would be able to spend for 2740 years before you ran out!
  • Deposit $1 million dollars into a high interest bank account offering a 2.5% interest rate and you would generate $25 000 in one year.
  • If you opted for a normal bank savings account with a 0.01% interest rate, you’d only generate $100 in a year.

 

The World’s Richest

  • From November 2010 to November 2011 247 winning tickets in the USA paid out $1 million or more
  • On average, the world’s richest made their first million by the age of 36 and did so through their own business ventures.
  • 65% of the world’s richest are self-made.
Self-made millionaire Grant Cardone

Image from: cnbc.com

  • Jeff Bezos, the world’s wealthiest man is worth roughly $163 billion. For him, spending $1.7 million is equivalent to the average American spending just $1!

 

So now you have a whole new perspective on $1 million in the past and in the present! Feel free to bring these up as conversation starters when you’re shoulder rubbing with the rich and famous. To enter the lottery and increase your chances, all you need to do is head over to Sun7lottery and buy your tickets now.

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