Woods, whose last win came 18 months ago, is down to 12 in the latest list, which is still headed by England's Lee Westwood.
The former world number one had been in the top 10 since April 1997, just before he won the first of his 14 majors, claiming the U.S. Masters by a record 12 strokes at the age of 21.
His fall from grace, as well as the number one slot, has come a lot faster than his rise to the official title of best in the world - which he held for 625 consecutive weeks from June 2005.
Injuries have played a big part in his drop and the 35-year-old is currently sidelined with the left knee and Achilles problems which forced him to pull out of the Players Championship at Sawgrass earlier this month.
Woods has remodeled his swing with new coach Sean Foley, but results have been mixed and, although he looked as though he might contend for the green jacket again at Augusta this year, a play-off loss to Graeme McDowell at the Chevron World Challenge last December remains the closest he has come to a victory since the revelations about his private life broke in late 2009.
Despite his injury, Woods is determined to return for the U.S. Open at Bethseda next month, telling his official website: "I'll do whatever is necessary to play in the U.S. Open, and I'm hopeful I'll be there to compete."
Westwood held off Luke Donald to remain on top of the rankings after the 31-year-old lost the Volvo World Match Play final to Ian Poulter, who rises to 14th in the new list.