Subtle difference in your name
declaration, which needs to be name="test[]"
.
<select name="test[]" id="test" multiple>
<option value="volvo">Volvo</option>
<option value="saab">Saab</option>
<option value="opel">Opel</option>
<option value="audi">Audi</option>
</select>
update_usermeta( $new_user, 'test', $_POST['test'] );
Edit re: your comment,
$meta = get_user_meta($user_id, 'test');
foreach ($meta as $key => $value) {
echo $value;
}