Previous guesses had put the total number of different species at anywhere between three million and 100 million, but a new calculation based on the way in which life forms are classified puts the estimate at the lower end of that scale.
The list of known species currently stands at about 1.2 million, but experts said that advances in technology meant that the remainder could be found and classified within the next century.
The study was undertaken by researchers from the Census of Marine Life, a ten-year project involving 2,700 scientists from more than 80 countries aimed at assessing the diversity of life in our seas and oceans which concluded in October 2010.
Since the 18th century species have been officially classified under a pyramidlike system, with each placed in a series of related groups.
For example humans are categorised in the same order as chimpanzees, the same class as dogs and cats and the same overall kingdom as all other animals.
By Nick Collins, Science Correspondent.
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