The formation and growth processes of supermassive black holes (SMBHs) are not well constrained. SMBH population models, however, provide specific predictions for the properties of the gravitational-wave background (GWB) from binary SMBHs in merging galaxies throughout the universe. Using observations from the Parkes Pulsar Timing Array, we constrain the fractional GWB energy density (Ω GW ) with 95% confidence to be Ω GW (H₀/73 kilometers per second per megaparsec)² < 1.3 × 10⁻⁹ (where H₀ is the Hubble constant) at a frequency of 2.8 nanohertz, which is approximately a factor of 6 more stringent than previous limits. We compare our limit to models of the SMBH population and find inconsistencies at confidence levels between 46 and 91%. For example, the standard galaxy formation model implemented in the Millennium Simulation Project is inconsistent with our limit with 50% probability.