Condition number is defined as the product of the norm of A and the norm of A-inverse.
If we use the usual Euclidean norm on vectors and the associated matrix norm, then the condition number is the ratio of the largest singular value of matrix A to the smallest. Matlab computes the condition number corresponding to the Euclidean norm. Condition number depends on the underlying norm. However, regardless of the norm, it is always greater or equal to 1. If it is close to one, the matrix is well conditioned which means its inverse can be computed with good accuracy.