No, this number is pretty much nonsense. Estimates vary somewhat but modern research points to something around 35000 (William Monter: Witch trials in Continental Europe) and 60000 ( upper estimate found in Schwerhoff, Gerd: Vom Alltagsverdacht zur Massenverfolgung. Neuere deutsche Forschungen zum frühneuzeitlichen Hexenwesencasualties), both men and women, for the early modern period. Confiscations and other forms of punishment for perceived witchcraft are not included into that number.

KingDeath is right, but I'll add a comment as well in part to recommend a book that I consider to be a rather accessible academic text on the subject. Robin Briggs, in Witches and Neighbours: The Social and Cultural Context of European Witchcraft (1996), addresses this misconception directly:

On the wilder shores of the feminist and witch-cult movements a potent myth has become established, to the effect that 9 million women were burned as witches in Europe; gendercide rather than genocide. This is an overestimate by a factor of up to 200, for the most reasonable modern estimates suggest perhaps 100,000 trials between 1450 and 1750, with something between 40,000 and 50,000 executions, of which 20 to 25 per cent were of men.

These figures are chilling enough, but they have to be set in the context of what was probably the harshest period of capital punishments in European history. With few exceptions European criminal courts showed notable restraint and caution in dealing with witchcraft suspects, who often displayed a remarkable willingness to confess impossible acts. In most areas executions had virtually stopped long before it was respectable to deny that there were such figures as witches. Nor did ordinary people normally rush to prosecute neighbours whom they suspected of damaging them by maleficent witchcraft; it often took fifteen or twenty years of accumulated incidents before they would act. If these remarks surprise most readers, this illustrates an alarming general failure in our understanding. Common assumptions about the subject tend to have one very marked feature in common, which is that they are hopelessly wrong.

I could hardly restate it more clearly, especially since, when it comes to witchcraft, I'm more widely read on the relationships between witches and demons (and the dynamic of power between them) than on the social context of witchcraft. On the former topic I can suggest a book or two that I consider accessible, but if the latter social context is something you're interested in, you should definitely check out the rest of Briggs' book.