What you say was true exactly only in most floating-point formats that were used before 1980.

In those old FP formats, the product of the smallest normalized and non-null FP number with the biggest normalized and non-infinite FP number was approximately equal to 1.

However in the IEEE standard for FP arithmetic, it was decided that overflows are more dangerous than underflows, so the range of numbers greater than 1 has been increased by diminishing the range of numbers smaller than 1.

With IEEE FP numbers, the product of the smallest and biggest non-null non-infinite numbers is no longer approximately 1, but it is approximately 4.

So there are more numbers greater than 1 than smaller than 1. For IEEE FP numbers, there are approximately as many numbers smaller than 2 as there are numbers greater than 2.

An extra complication appears when the underflow exception is masked. Then there is an additional set of numbers smaller than 1, the denormalized numbers. Those are not many enough to compensate the additional numbers bigger than 1, but with those the mid point is no longer at 2, but somewhere between 1 and 2, close to 1.5.