That marks a career-high ranking for Stenson, who also won the Dubai Desert Classic on the European Tour earlier this season. He is the first Swedish-born golfer to reach the top five in the world rankings.
Ahead of Stenson, the top four remained unchanged with Tiger Woods followed by Jim Furyk, Phil Mickelson and Adam Scott.
Stenson's move to No. 5 bumped Ernie Els down one to sixth. Geoff Ogilvy, who lost to Stenson in the Match Play final, jumped four notches to seventh.
Retief Goosen was down two to eighth, while Vijay Singh and Luke Donald each slipped one place to ninth and 10th respectively. Trevor Immelman, who took third at the Match Play, exchanged places with Sergio Garcia, with Immelman up to 12th and Garcia down one to 13th.
Paul Casey held steady at 14, while Charles Howell III was up one to 15. Nick O'Hern, who knocked off Tiger Woods in the Match Play event, was up two places to 16.
Davis Love III fell two spots to 17 and David Howell was down one to 18. David Toms and Colin Montgomerie remained 19th and 20th this week.
Fred Funk won the PGA TOUR event in Mexico and jumped 29 places to No. 69 in the world.