The Proteas' four-wicket victory over Pakistan in the second test at Newlands on Sunday means they now cannot be caught at the top of the rankings by nearest rivals England, who are in New Zealand, or Australia, who are touring India.
The prize money is a significant increase from previous years, when $175 000 was given the teams topping the test or one-day international championship table.
While South Africa have sealed the number one spot, the battle for second, third and fourth positions is still alive with 13 points separating second-ranked England from fifth-ranked India.
The nation that claims second position at the cut-off date will pick up $350,000, while the team finishing third will collect $250,000 and fourth takes home $150,000.
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ICC Test Championship table (before the start of South Africa-Pakistan test series): Rank Team Points 1. South Africa 124 2. England 118 3. Australia 117 4. Pakistan 109 5. India 105 6. Sri Lanka 92 7. West Indies 91 8. New Zealand 78 9. Bangladesh 0 Zimbabwe are currently unranked as they have played insufficient matches.
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