Hierarchical Paging memory requirements
Have you read Wikipedia's article on page tables?

There are two ways that a multi-level page table saves memory. First, you don't need to create parts of the page table for memory that isn't being used by the process: you only create the subtables for the parts of the virtual address space that are in use. Second, if you want to really live by the seat of your pants, you can use your virtual memory system to swap parts of the page table out of physical memory.