According to Google Multi-regional guidelines:
Google uses only the visible content of your page to determine its
language. We don’t use any code-level language information such as
lang attributes.
so from an SEO point of view it shouldn't matter. It's actually more important to put the language in the URL:
Google uses the content of the page to determine its language, but the
URL itself provides human users with useful clues about the page’s
content. For example, the following .ca URLs use fr as a subdomain or
subdirectory to clearly indicate French content:
http://example.ca/fr/vélo-de-montagne.html and
http://fr.example.ca/vélo-de-montagne.html.
Given that the meta tag is obsolete (see Rahul Tripathi's answer) and you can't add the html 5 equivalent. I simply wouldn't bother.
If your site is multilingual then you should consider implementing hreflang
tags to redirect users of the languages you wish to target to the correct language page.