Yes, it rides on the outside of the belt. My belt is 1 1/2". I wear mine upside down from the one pictured. Can be worn either way.
When you unsnap it the base of the mag is right there in your hand and aimed at your gun.
Just put an order in for an alien gear single cloak carrier. Adjustable in every possible way. IWB/OWB, Depth, cant, forward/reverse facing, retention, etc. Even at $40, I can't go wrong with the carry options it offers.