The swine flu pandemic of 2009 killed more than a quarter of a million people - 15 times more than the 18,500 reported, according to a paper in The Lancet Infectious Diseases journal.
The elevated toll from the H1N1 strain underlined the need for better planning and vaccine distribution, said researchers.
"This study is one of the first to provide a global estimate of deaths caused by the 2009 H1N1 virus," said lead author Fatimah Dawood of the US Centres for Disease Control and Prevention.
"Unlike most other mortality estimates for the 2009 pandemic, this study includes estimated mortality for countries in southeast Asia and Africa where surveillance data on influenza-associated mortality are limited."
Some 18,500 deaths had been reported to the World Health Organisation from confirmed laboratory test results, but the international researchers believe this number to be a gross underestimation.