The chairman of the selection panel, ICC general manager cricket Geoff Allardice, said it was a difficult task.
"The panel had an extremely difficult choice of selecting a 12-member squad at the back of an outstanding tournament, highlighted by some eye-catching individual performances including two double-centuries, 38 centuries, two hat-tricks and 28 four-wicket hauls," he said.
"There were a number of other players that were discussed as possible selections in the team.
"These included batsmen Mahmudullah (Bangladesh) and Shaiman Anwar (UAE), fast bowlers Umesh Yadav, Mohammed Shami (both India), Wahab Riaz (Pakistan) and spinners Imran Tahir (South Africa) and R. Ashwin (India).
"But there were so many brilliant individual performances during the tournament that it was not possible to fit them into the team."
World Cup XI
Brendon McCullum (NZ, captain)
Martin Guptill (New Zealand)
Kumar Sangakkara (Sri Lanka, wkp)
Steven Smith (Australia)
AB de Villiers (South Africa)
Glenn Maxwell (Australia)
Corey Anderson (New Zealand)
Daniel Vettori (New Zealand)
Mitchell Starc (Australia)
Trent Boult (New Zealand)
Morne Morkel (South Africa)
Brendan Taylor (Zimbabwe, 12th man)
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