I just measured my Navy Arms 12 gauge. Barrel wall thickness at the muzzle is about .050, at the breech it's three times that at .160 inch. The muzzle doesn't see much pressure so doesn't really matter. The major pressures of firing exist at the breech end.
That breech thickness isn't much smaller than minimum rifle dimensions. For example 13/16 is the smallest .45 caliber barrel offered these days, for a wall thickness of .180 inch.
Your .50 is 1 1/8 across the flats for styling, or maybe weight. .50s can be as small as 7/8, as I recall.
A curious aside: In Lyman's firing tests, shotgun pressures were less than half of rifle pressures. It's a big-bore effect, I think.