I need your opinions. What gear would you bring for a round the world trip?

I will be taking a year off work next year to take my bike around the world with me. I will be visiting over 20 counties, and am looking for good, fairly light & small but affordable gear.

The biggest issue is $$$. I will be on a shoestring budget on the tour however will spend a fair bit for a good bike, sleeping bag, and panniers.

I currently own a racing road bike but need a touring bike. Any suggestions? I also have a very old, heavy sleeping bag which needs to be replaced with a smaller, lighter one. Any suggestions?

I have a tent, but any other suggestions?