After reaching the Copa America final, Argentina rise to world number one, while Wales enter the top 10 for the first time.
Argentina have overtaken Germany as the best ranked team in world football despite their Copa America final defeat to Chile earlier this month.
Gerardo Martino's side leap two places to the top of FIFA's rankings after the tournament, which saw them lose the final on penalties to the hosts in Santiago.
Chile's success has seen them close in on the top 10, but the biggest movers are Wales, who have vaulted to a record-high ranking of 10th.
Victory over Belgium - who have dropped to third - in last month's Euro 2016 qualifier helped Chris Coleman's side sneak into the top 10, one place behind England in ninth.
Gareth Bale's strike in Cardiff was enough to secure a 1-0 win over the World Cup quarter-finalists, putting them top of Group B and on course for the first major finals since 1958.
The victory sees Wales climb 12 places in the world rankings, and above European champions Spain, as well as boosting their World Cup qualifying hopes.
Wales will be seeded for the World Cup 2018 qualifying draw later this month.
Colombia and Netherlands round out the top five behind Argentina, Germany and Belgium. Brazil, Portugal and Romania sit sixth, seventh and eighth respectively.comments