The English language will hit one million words in about 41 days, during which 617 new words will be created at a speed of one word every 98 minutes, according to the Global Language Monitor (BBC story, via). Brands and fungi species are not counted.
Also, an average newspaper contains 8000 different words, incidentally as many as the King James Bible. An average person recognizes about 50,000 words.
P.S. I bet the decimal point in the title is because of all those portmanteau words .