Hatton became the first man to successfully defend the title as he held off the charge of Ross Fisher, who broke the Old Course record on a historic final day at St Andrews.
The Englishman moves up seven places from 29 to 22 as a result of the 34 points his tournament victory garnered - above Adam Scott, Kevin Kisner, Daniel Berger, Kevin Chappell and Charl Schwarzel in the standings.
Steele also won the PGA Tour's season-opening Safeway Open for the second straight year, closing with a three-under par round of 69 in windy conditions on Sunday.
The American's two-stroke victory over Tony Finau was worth 26 points and moves him from 59th to 47th in the rankings - the first time he has cracked the top 50.
Dustin Johnson remains at the top of the world list with Jordan Spieth second and Hideki Matsuyama currently ranked third.