Nope. That was before they allowed composite characters.
Wrong:
Yes:
http://www.unicode.org/versions/Unicode5.0.0/ch03.pdf // "The Standard"
http://www.unicode.org/faq/utf_bom.html See the table....
https://en.wikipedia.org/wiki/UTF-32UTF32 is fixed length, UCS(2) is fixed length. Ansi is fixed length
UTF8 is variable length, UTF16 is variable length.
You are mixing things up. Probably confuse UCS2 (Delphi "unicode16") and UTF16.
You may also be confused because FPC has no native UTF32String type yet, AFAIK.
Any of UTF16 + all extensions to it can be expressed in a single 4 byte UTF32 and there is room to spare to repeat that whole process at least 16 times, even if reserved is taken into account.
The actual space is a power function to UTF16 or UTF8, were it not for reserved entries. The theoretical limit is 2^ 32 or 4.294.967.296 or 4 billion (4294 million) pictures. These - of course - do not all exist....
Even if we include all Martian dialects and languages, we have still room to spare for several other planets. Withdraw your remark.

(or prove me wrong, which you can't)