Wasim Akram is in many ways the Victor Trumper of bowling. Certainly, many of his peers rated Wasim as the best bowler they ever faced, but the stats just don't back it up.
Much has been made of Tendulkar never reaching 900 points on the ICC batting ratings, but Wasim never even exceeded 830 with the ball, which puts him outside the top 70 on the all time list. Unsurprisingly, he also never got close to world number 1 in the rankings list, and was more than 50 points below world number 1 for almost his entire career. Wasim also took less than 4 wickets per match, and, compared to other great fast bowlers, a high proportion of his wickets were tail enders.
Don't get me wrong - a test average of under 24 and the one time world record for ODI wickets shows he certainly was a fine bowler. But there were a number of bowlers in his own era who got better players out more often and more cheaply (Marshall, Hadlee, Ambrose, McGrath, Donald).
Some say he could bowl 6 different balls an over with perfect control and without a noticeable change in action or wrist position. But if another player with less variety can get better players out more frequently with a single lethal delivery (Waqar's in swinging yorker?), then the latter bowler is actually going to win you more matches.
He certainly had a massive box of tricks and was one of the most skilled exponents of swing bowling ever seen. But at the end of the day, a number of his contemporaries who could NOT do all that and did not possess that skill level were more effective bowlers.