India's Sachin Tendulkar and West Indies "Master Blaster" Viv Richards were named at numbers four and five followed by Pakistan's Imran Khan amd West Indian Garfield Sobers as the two all rounders.
Australia's hard-hitting wicketkeeper-batsman Adam Gilchrist was included at number eight with his Australia team mate Shane Warne filling the slow bowler's position.
Imran and Sobers would also be able to share the bowling behind the pace duo of Englishman Sydney Barnes and Australia's Dennis Lillee.
Benaud named four Australians in his side, with two players from West Indies, two from India, two from England and one from Pakistan.
Leading South Africa players like batsman Graeme Pollock and fast bowlers Shaun Pollock and Allan Donald were unable to squeeze into the side, nor was Sri Lanka's world record Test wicket-taker Muttiah Muralitharan and New Zealand's leading wicket-taker Richard Hadlee.
Benaud is chairman of a five-man selection panel for next month's ICC World XI One-Day International and World XI Test teams of the year, to be named next month in London.
Leg spinner Benaud took 248 wickets at an average of 27.03 in 63 Tests and retired 40 years ago as Australia's leading wicket-taker.