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Grace is one of the highest movers in 2012, after ending last year ranked 271st in the world.
He has won three times this year, starting with his maiden European Tour victory in the co-sanctioned Joburg Open in January, followed by a win the next week in the Volvo Champions event in his native George.
Grace, 23, is now in prime position to overtake childhood hero Ernie Els who is just four spots above in 63rd place.
Just behind Grace is George Coetzee who finished tied fourth at the China Open and is listed at number 70 in the world.
Retief Goosen remains just outside the top 50 in 57th position.
Louis Oosthuizen and Charl Schwartzel are just outside the Top 10, at 11th and 13th respectively.
Oosthuizen, South Africa's top-ranked golfer, moved up one position from last week to a new career-high ranking.
