And the answer is:
688471 instructions
--@--:~$ uname -a
Linux 3.13.0-101-generic #148-Ubuntu SMP Thu Oct 20 22:09:17 UTC 2016 i686 i686 i686 GNU/Linux
--@--:~$ sudo perf stat echo test
test
Performance counter stats for 'echo test':
0,898550 task-clock (msec) # 0,633 CPUs utilized
2 context-switches # 0,002 M/sec
1 cpu-migrations # 0,001 M/sec
151 page-faults # 0,168 M/sec
1848617 cycles # 2,057 GHz
<not supported> stalled-cycles-frontend
<not supported> stalled-cycles-backend
688471 instructions # 0,37 insns per cycle
126235 branches # 140,487 M/sec
<not counted> branch-misses
0,001418434 seconds time elapsed