No, they're not. For a five man party, you'll get four magic items--that's .8 items per character.
But when you have more or fewer characters in the party, you'll get different results:
2 Characters: .50 items/character
3 Characters: .67 items/character
4 Characters: .75 items/character
5 Characters: .80 items/character
6 Characters: .83 items/character
7 Characters: .86 items/character
8 Characters: .88 items/character
So a party with few members has lots of gold but fewer items, but a party with more characters has more items but less gold.
Your right, the caveat that you need to take into account, which I've been quoting was, the part about over X levels (where X ='s party members) they all will have the same number of magic items. So a group of 5 will each have 4 magic items.
A group of 6 would each have 5 magic items each at 6th level. But those again would only be typically acquired as treasure.
Thus, the wealth in monetary form, is still short.
(Alright grabbing my laptop so I can begin to quote the accurate numbers I put together.)
5 Member Group
Total Wealth + Treasure (as represented by their gold piece value.)
114,052,195gp.
Individual wealth based upon that, (divided by 5 for each recieving an equal share.)
22,810,439gp.
So that forms our base line of wealth, from monies and treasures.
A 6 member group
Total Wealth + Treasure (as represented by their gold piece value.)
133,581,715 gp.
Individual wealth based upon that, (divided by 6 for each recieving an equal share.)
22,263,619.17 gp.
A 7 member group
Total Wealth + Treasure (as represented by their gold piece value.)
149,986,755 gp.
Individual wealth based upon that, (divided by 7 for each recieving an equal share.)
21,426,679.29 gp.
A 8 member group
Total Wealth + Treasure (as represented by their gold piece value.)
172,640,595 gp.
Individual wealth based upon that, (divided by 8 for each recieving an equal share.)
21,580,074.38 gp.
So that's the math being presented. (And the presented argument that it all balances out by the addition the appropriate level magic item being added to the larger group but the monies wealth not changing.)
So now the differences.
A 6 member group compared to a 5 member group on total wealth and individual wealth.
Receives 19,529,520 gp. More than a 5 member group. But, when it's all said and done and the math is finished. They find they are now over the course of their levels 1-30. They are now,
short 546,819.83 gp. (Using the standard treasure table as listed, with no modification.) And that's
each member.
A 7 member group compared to a 5 member group on total wealth and individual wealth.
Receives 35,934,560 gp. More than a 5 member group. But, when it's all said and done and the math is finished. They find they are now over the course of their levels 1-30. They are now,
short 1,383,759.71 gp. (Using the standard treasure table as listed, with no modification.) And that's
each member.
A 8 member group compared to a 5 member group on total wealth and individual wealth.
Receives 58,588,400 gp. More than a 5 member group. But, when it's all said and done and the math is finished. They find they are now over the course of their levels 1-30. They are now,
short 1,230,364.63 gp. (Using the standard treasure table as listed, with no modification.) And that's
each member.
So, that's the errors. So really, yes there
is a problem. Over the course of 30 levels. And gets much more exaggerated in a larger group.
But my initial methodology (that I said would fix it) doesn't quite correct it either. Because if we did fix it that way then the wealth adjustments would be incorrect as well in the favor of over rewarding the larger groups.
So I'll put together a simple pdf with the correct methods. (noting the differences per level.) For example, level 1, for a 6 member group, they are actually only short 12 gold. (Not much but a few beers.) But again as they go up in levels, yeah stuff get's skewed.
And really if your playing level 1 - 30, your probably going to want all the wealth you can get, especially if your in a larger group. Over half a million in a 6 member group on to over 1.2 million in a 7 and 8 member group.