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VG Chartz reported on Wednesday that as of August 23, Wii worldwide sales will have surpassed life time Xbox 360 sales in less than a year. In so doing, the Wii has become the fastest selling console of all time.

According to the study, total Wii units sold stand at 10.6 million, slightly more than the Xbox 360's estimated 10.5 million. Since its release, the Wii has outsold 360 by a margin of more than 2 to 1.

By comparison, Sony's PS3 has sold just 4.3 million systems worldwide since launching last November.

The news marks the first time that Nintendo has been the leader in both the home console and handheld markets since 1994 when the company's Super NES and Game Boy lines reigned supreme. Currently, the DS and Wii are the top two selling system's in the industry.

Additionally, the report claims despite continued shortages, Wii has managed to become the fasting selling console of all time selling at a greater pace than the most widely purchased console in history, Sony's PlayStation 2.

"In just two years, home console sales for the three major manufacturers have effectively reversed," said VG Chartz in a statement on its website. "This will have a large impact on third party publishers and will undoubtedly influence the decisions they make in the future."