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Well, I've never traveled around the world, but I'm making my way country by country, continent by continent.
There are so many factors here, but the big ones are: time of year you travel, where you are going, what's going on in the airline industry and how the dollar is doing (now it is GOD AWFUL).
Of the places we've been recently outside of the US, flights have been around $550 (that's 2 major cities - Tokyo and Paris). I tend to not travel during peak season due to the crowds and the heat, so I never pay full price for airfare. My average US flights has been $250 (Chicago, Florida, etc).
How you travel when you get to your destination is also a big factor. I love the train and public transportation and have NEVER rented a car in a foreign country - ever. Trains are usually cheaper but sometimes less convenient.
And, then there'd the lodging. Again, it depends on where you go. For Tokyo, it was hard to find something under $100. Paris - piece of cake. But, again, the dollar was stronger then.
It's probably easier to get a couple of destinations on your list then start investigating them.
Now, if you really mean "around the world" then, I have no clue. But, if I didn't have my babies at home, I'd consider selling the house and doing it.
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