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There are a few different ways to abbreviate billion, most are similar to the million abbreviations. B - used in North America. bn - used in the UK.
Short form numbering is based on thousands and Long form is based on millions. Because of this, in Short form a billion is one thousand millions (10 9) while in Long form it is one million millions (10 12). The change in the United Kingdom to Short form numbering happened in 1974.
In metric, you'd use M (mega) for million, G (giga) for billion and T (tera) for trillion. The only financial specific similar abbreviation I can find is MM for million (financial notation, according to Wikipedia).
Some names of large numbers, such as million, billion, and trillion, have real referents in human experience, and are encountered in many contexts, particularly in finance and economics.
What is the correct abbreviation for thousands, millions, billions and trillions in a financial context? From what I have read online "In metric, you'd use M (mega) for million, G (giga) for billion and T (tera) for trillion."
People often wonder if there is a correct or best way to abbreviate million and billion when writing about figures. The most commonly seen short forms for thousand, million, billion and trillion in North America and the United Kingdom, respectively, are outlined in the table below.
The word “million” is defined as the number 1,000,000. When plural, as in “millions,” it refers to multiples of 1,000,000. In its simplest terms, a million is “one thousand thousand”. The word “million” is most often used in reference to money, but is also frequently used in exaggeration.
If B is typically used instead of G, the reason is obvious: even if you don’t know anything, you might guess that B means “billion.” G, on the other hand, is a slangy shorthand for “grand,” as in a thousand dollars, which might disqualify it as an abbreviation for billions in financial contexts.
Noun. Billion refers to 1,000,000,000, the number one followed by nine zeros. Don’t confuse it with a million (six zeros) or a thousand (three zeros). There are various ways of abbreviating billion: Bn. Bil. B is the abbreviation that is most widely used for the sake of consistency.
Millions are most commonly expressed with the leading letter, M. Similarly, billions is represented by the letter B. As can be expected, trillions is therefore shorthanded by the letter T. In this way, numbers can be quickly abbreviated.