(answer updated to use -S as several commenters suggested)
$ sysctl kern.maxfiles
kern.maxfiles: 12288
$ sysctl kern.maxfilesperproc
kern.maxfilesperproc: 10240
$ sudo sysctl -w kern.maxfiles=1048600
kern.maxfiles: 12288 -> 1048600
$ sudo sysctl -w kern.maxfilesperproc=1048576
kern.maxfilesperproc: 10240 -> 1048576
$ ulimit -S -n
256
$ ulimit -S -n 1048576
$ ulimit -S -n
1048576