The poll was conducted before Taylor's heroic efforts in Pakistan where he averaged 128.25 in the three Tests, including a monumental innings of 334 not out.
Taylor was opener and captain of the 1996 Wisden World XI but for the second year running was relegated to leadership of the World second XI.
Australia had the most representatives of any nation in the first team, with leg spinner Shane Warne and paceman Glenn McGrath joining Waugh. England and Sri Lanka each had two players in the side while South Africa, the West Indies, India and Pakistan provided one each.
As a player, Waugh was the third most popular pick and slotted into the side at No.7, with England wicketkeeper Alec Stewart bumped up the order to No 4.
South African speedster Allan Donald was the most heavily favoured player with 839 votes ahead of Indian maestro Sachin Tendulkar with 837.
As captain, Waugh was the choice of 217 readers to comfortably beat Tendulkar on 111 and Stewart on 103.
Warne polled 27 percent fewer votes than when fully fit in 1996 but he still made the team with 606 votes.
The team, in batting order, is: Sanath Jayasuriya (Sri Lanka), Mike Atherton (England), Brian Lara (West Indies), Alec Stewart (England), Sachin Tendulkar (India), Aravinda de Silva (Sri Lanka), Steve Waugh (Australia), Shane Warne (Australia), Muttiah Muralitharan (Pakistan), Allan Donald (South Africa), Glenn McGrath (Australia).
Asked to predict next year's one-day World Cup winner, Wisden readers chose Commonwealth Games gold medallist South Africa before Sri Lanka and Australia.
Not one reader picked New Zealand -- but a few opted for Scotland and Bangladesh.
Source: AFP
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