To understand the impact of gut microbes on human health and well-being it is crucial to assess their genetic potential. Here we describe the Illumina-based metagenomic sequencing, assembly and characterization of 3.3 million non-redundant microbial genes, derived from 576.7 gigabases of sequence, from faecal samples of 124 European individuals. The gene set, ∼150 times larger than the human gene complement, contains an overwhelming majority of the prevalent (more frequent) microbial genes of the cohort and probably includes a large proportion of the prevalent human intestinal microbial genes. The genes are largely shared among individuals of the cohort. Over 99% of the genes are bacterial, indicating that the entire cohort harbours between 1,000 and 1,150 prevalent bacterial species and each individual at least 160 such species, which are also largely shared. We define and describe the minimal gut metagenome and the minimal gut bacterial genome in terms of functions present in all individuals and most bacteria, respectively. The human body plays host to an estimated 100 trillion microbial cells, most of them in the gut where they have a profound influence on human physiology and nutrition — and are now regarded as crucial for human life. Gut microbes contribute to the energy harvest from food, and changes of gut microbiome may be associated with bowel diseases or obesity. Now the international MetaHIT (Metagenomics of the Human Intestinal Tract) project has published a gene catalogue of the human gut microbiome derived from 124 healthy, overweight and obese human adults, as well as inflammatory disease patients, from Denmark and Spain. The resulting data provide the first insights into this gene set — which is over 150 times larger than the human gene complement — and show that the genes are largely shared among individuals. Based on the variety of functions encoded by the gene set, it is possible to define both a minimal gut metagenome and a minimal gut bacterial genome. Deep metagenomic sequencing and characterization of the human gut microbiome from healthy and obese individuals, as well as those suffering from inflammatory bowel disease, provide the first insights into this gene set and how much of it is shared among individuals. The minimal gut metagenome as well as the minimal gut bacterial genome is also described.