Argentina lost on penalties in Santiago on Saturday but Gerardo Martino's side rose two places to top the rankings a year after losing to Germany in the 2014 World Cup final. Chile's victory moved them up eight spots to 11th.
Argentina's rise to the top means Germany and Belgium each drop a place to second and third respectively.
Following a string of solid results, Wales have risen to their highest ever world ranking of 10th, earning them a Pot 1 seeding in UEFA's 2018 World Cup qualifiers draw behind held later this month.
A 1-0 win over Belgium in Euro 2016 qualifying last month moved Chris Coleman's side to the top of Group B on 14 points from six matches.
England moved up to ninth, one place behind Romania.
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FIFA world rankings published on Thursday (June position in parentheses):
1. Argentina (3)
2. Germany (1)
3. Belgium (2)
4. Colombia (4)
5. Netherlands (6)
6. Brazil (5)
7. Portugal (7)
8. Romania (12)
9. England (15)
10. Wales (22)
(Reporting by Michael Hann; Editing by John O'Brien)
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