Hill was born on 25 November 1793 in Birmingham. He died on 6 November 1876 at 1 St. Mark's Square, Regent's Park, London, and was buried in Highgate cemetery. He was the second son and one of eight children born to Thomas Wright Hill and his wife Sarah Lea: the family originated in Kidderminster and was Unitarian by faith. Hill was an elder brother of Sir Rowland Hill, the inventor of the penny post. He was educated at his father's school at Hill Top, on the outskirts of Birmingham. He married Anne Bucknall from Kidderminster. The couple had ten children, seven of whom survived their father.
From The Biographical Dictionary of British Economists in Oxford Reference.