According to figures from Microsoft, the Xbox 360 is ahead of the Playstation 3 by one million units in Europe and by 7 million in the US.
However, both consoles are being outsold by the Nintendo Wii, which sold 3 million units in the UK and 10.17 million in the US last year.
Microsoft is keen to point out that it's leading in the total lifetime spending figures for each console. A total of £13.2bn (£8.8bn) has been spent on the Xbox 360 since it was launched, compared to $10.8bn (£7.2bn) on the Wii and $6.1bn (£4bn) on the PS3.
"Our goal for 2008 was to reach new audiences by bringing ground-breaking games and entertainment to Xbox 360," said senior vice president of Microsoft's Interactive Entertainment Business Don Mattrick.
"Looking forward, new waves of innovation will extend our position as the global leader in interactive entertainment".