Tuesday, September 29, 2015
Interesting Clippings: Heir to Four Million
4 million split 16 ways would have been only $250,000, but this was in 1895, and as we all know, $250,000 was worth a lot more in 1895 than it would be today. How much more? Calculating the equivalent worth is complicated and depends on the type of value in question. I like to use MeasuringWorth.com to give me an idea of historical money worth, and in this case, I would use one of the three "Income or Wealth" values.
The "historic standard of living" value would be $7,270,000, the "economic status" or "prestige value" would be $60,400,000, and the "economic power" is $275,000,000. That's still a pretty big range, but it gives you an idea that today, they would have still been multi-millionaires.
In comparison, the original 4 million would have been relative today to a range between 116 million, to 4.4 billion.