This would only be true if you allow your money to rot and don't do anything with it for 60 years. Inflation would eat into that a lot more in that scenario. Average inflation is roughly 3%.

As others pointed out, equity returns are 5-6% so if you do something with your money this won't be the case and you'll actually increase your wealth a lot.

Assuming 5% return, this is an 18x return over 60 years.