According to the American Global Language Monitor, some time around June 8th, the English language will add it's 1,000,000th word.
But the BBC and others seem to think this is a claim too far.
But without spending significant time on this, it seems far from certain. The OED apparently can't even agree with itself how many works it contains. The last version published in 1989 contains either 615,000 or around 200,000 depending on which page of their website you look ta.