Many people have tried to answer this question before, but it is very tricky, simply because a lot of information contradicts itself. For example, Rowling once said that for every 10 Muggles there is one wizard, but that would not make sense, given the fact that the population would be around 6 million. And considering that there is only one Wizarding school in the UK, which is Hogwarts. Harry's year has just 40 in the year, although that may have been very low compared to the average.
I am going to try and calculate it by using the number of kids at Hogwarts. So let's say there are 100 per year, that would mean 700 in the school at any given moment. It is said that Wizards live on average to 137 years (seems logical considering that there is a spell that will cure almost every illness). You can find the fraction of time a Wizard would spend at school (dividing 137 by 7) is 5 percent of thier life on average. And if there are 700 in a school then you can multiply it by 20 to get 2100 wizards in Britain, so that would be one Wizard for every 27,000 Muggles.