1.2 million ? source ?
oxford english dictionary holds just over 500,000.
the oed adds about 1000 new entries, which includes
new definitions to existing words, plus newly accepted
words, every quarter. you can then lop on however many
terms exist in the rap dictionary, and other modern
lexicons that have not yet met academic approval, and
you have a roundabout figure of 750,000 (exaggerated).