Writing in a column for ICC's website, Richards said this time it will be an open tournament like the one in 1992 but added India, South Africa and co-hosts Australia as being always favourites.
"India and South Africa are always favourites, along with co-host Australia. New Zealand is the dark horse. Pakistan can be dangerous or not, depending on which day it is for the side," Richards wrote.
"However, there are no certain favourites this time unlike the last couple of editions and this is an open tournament like in 1992," he added.
India are the defending champions and the MS Dhoni-led side will open campaign against arch rivals Pakistan in Adelaide on February 15.
One of the most destructive batsmen ever to have played the game, Richards scored 1,103 runs at an average of 63.31 in 23 World Cup matches. He had scored 138 not out off 157 balls in the 1979 final.
This year's World Cup will be played in Australia and New Zealand from February 14 to March 29.