But only by definition. IQ tests are graded on a scale.
I'd define "great" to be the top 1% of minds, which is ~70 million people. So, yes, tens of millions of great minds are certainly wasted, but not billions. (Not that that's much consolation).
http://www.bbc.com/news/magazine-16870579
> here are currently seven billion people alive today and the Population Reference Bureau estimates that about 107 billion people have ever lived.
That said, merely being in the top 1% of intelligence doesn't seem to be worthy of the genius title.
Genius is much more common than opportunity.
Especially considering that the population average in many places and times is far below the current population averages normed in the USA and UK and Western Europe. If you asked how many people throughout history or globally would be in the top 1% of the USA/UK/WE population, the answer will be much smaller than a billion. (Thin tails strike again.)