The Million Dollar Round Table was started in 1927 by a group of 32 life insurance providers. Each of the providers had sold more than $1 million of life insurance, which was a highly significant amount at that time. The group's first meeting took place in the Peabody Hotel in Memphis, Tennessee. Together they formed a forum where financial professionals, particularly ones who served in a sales capacity, could come together to exchange ideas and support one another. At first MDRT was solely composed of men, but women and people from other countries quickly joined the MDRT ranks.
Today, MRDT has members that hail from more than 500 companies in 67 countries. In order to join MDRT, prospective members must show expertise in the financial services industry and be committed to ethical practices.