I noticed that rolling up a random NPC by the methods in the 1e DMG, they almost always have far more magical wealth than a 3e NPC. I think 3e is higher-magic because so many spells were added that change the game from the 1e/2e paradigm, in 3e you literally _can_ do anything with magic. Plus they changed the demographics so PCs could expect to be adventuring in the 11th-20th range rather than retiring ca 9th. In 1e high-level spells were mostly for NPCs. The ease of item manufacture in 3e is also a factor, especially the "flaming shock vorpal +1 greatsword" and "+5 heavy fortifed full plate of Fire/Lightning/Cold Resistance" and the way all high level characters are loaded down with trinkets in every 'slot'.