Which language has the most words?

I heard an interesting factoid at lunch yesterday. There are apparently one million words in the English language which supposedly puts it far ahead of any other language. This came as a surprise to me, while I've grown to enjoy English for its precision, this would mean it contains over ten times the amount of words of the french language (80k). It is no surprise to me however that French is stagnating, simply because the language is regulated by committee, and we all know how efficient those are. And so when we need a new word say to convey the meaning of "email", a group of people in France have to get together and pick one (courriel). Hardly a natural and vibrant process. But does the English language truly have a million words? Wolfram alpha will quickly tell you that the Oxford dictionary has 600k words, putting it ahead of say Spanish with a mere 225k. English is growing very quickly because it incorporates other languages readily, perhaps because most English speakers are not native. In fact China has the largest population of anglophones in the world. The original claim that there are 1 million words comes from the university of Texas which has an algorithm caching and crawling social networking sites all along identifying any expression used over 25 000 times as a word. Of course many people have problems with this, since it is not an accepted definition of a word. It incorporates any deformation or misspelling of common words, commercial trademarks, onomatopoeia which would include for example: "what", "wat", "waht", "wh4t", "whaaaaat", "whassssssssssssup" etc ... Many people have critisized the methodology itself, since the "Global Language Monitor" claimed the millionth word in 2006, 2007, 2008 and 2009.
So does this mean English really has the most words: not likely. Agglutinative languages such as Finnish most certainly have more words and more readily create new words to adapt to changing time by fusing existing words creating an almost infinite number of combination. Yet English remains dominant perhaps not in the number of words, but in the reach and power of the language.