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The proper word is one-thousandth.

You would say the number of thousandths before it, so 1/1000 or 0.001 is said "one one-thousandth", 2/1000 or 0.002 would be "two one-thousandths".

Most people shorten this to "one thousandth", "two thousandths", but the danger arises that the trailing 'th' gets lost, so it becomes confusing whether one is saying "two thousand" or "two thousandths"...

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Q: What is one of one thousandth equal parts?
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