In the ICC's annual update, the series results from 2014-15 are removed and outcomes from the 2015-16 and 2016-17 seasons are weighted at 50 per cent.
South Africa are, however, still comfortably ahead of the remaining sides.
Australia are placed third with 106 points after gaining four points following the update, taking back the position from New Zealand, who had overtaken them at the last cut-off date of April 3.
The change in positions saw New Zealand assure themselves of two lakh dollars for finishing third. India and South Africa had won 1 million dollars and five lakh dollars, respectively for finishing first and second at the cut-off date.
After the update, New Zealand remain on 102 points while England have inched closer, reaching 98 after gaining one point.
In another interesting movement, Bangladesh have moved ahead of the West Indies, who are in ninth position for the first-time ever.
The West Indies have lost five points and are now standing on 67 points while Bangladesh have gained four points to reach 75, eight points clear of the West Indies.
Sri Lanka continue to remain at sixth position after losing one point while Zimbabwe have gained one point to reach two. The table will see new additions in the form of Afghanistan and Ireland after they have played their first Tests following their Full Membership status.