Depends on how do you define "budget" !
I was flying a Round The World Ticket last OCT/NOV with 14 Stops on the way. Hotels I either paid with points or some of them, where the ratio was not worth it, cash.
Great trip and it cost less in the end than I planned.
Routing was:
Seoul-Singapore-Hong Kong-Beijing-Tokyo-Sydney-Los Angeles-New York-Miami-Buenos Aires-Rio de Janeiro-London-Paris-Moscow-Munich-Seoul.
(Tickets ex Seoul are much cheaper than other parts in the world which is the reason why I started there).
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