The competition, played in the UAE and Oman, will commence on 17 October, with the Final to be played in Dubai on 14 November.
Richardson's experience, particularly at the death, will benefit Australia who have otherwise packed a number of spinners in their suitcase.
The 30-year-old has played 26 T20 internationals for 29 wickets, and also displays consistency with his KFC Big Bash League team Melbourne Renegades.
George Bailey, Chair of Selectors, said: “We are confident this squad has the ability to take the side deep into what will be an extremely competitive tournament.
“We have some of the best players in the world in their respective roles combined with the collective experience to succeed against the very best T20 sides in the world.
“... Given the amount of cricket being played at the World Cup venues, we expect the wickets in the UAE to favour slow bowling, particularly in the latter stages."
Australia's 15-player squad:
Aaron Finch (c) (Victoria)
Ashton Agar (Western Australia)
Pat Cummins (vc) (New South Wales)
Josh Hazlewood (New South Wales)
Josh Inglis (Western Australia)
Mitchell Marsh (Western Australia)
Glenn Maxwell (Victoria)
Kane Richardson (South Australia)
Steve Smith (New South Wales)
Mitchell Starc (New South Wales)
Marcus Stoinis (Western Australia)
Mitchell Swepson (Queensland)
Matthew Wade (Tasmania)
David Warner (New South Wales)
Adam Zampa (New South Wales)
Travelling reserves: Dan Christian (New South Wales), Nathan Ellis (Tasmania), Daniel Sams (New South Wales).