Kuerten is the first South American player to become ITF World Champion at the same time as heading the end-of-year world rankings.
The Brazilian claimed top spot in the last match of the year when he beat Andre Agassi in the final of the inaugural Tennis Masters Cup in Lisbon.
Hingis, who won nine WTA Tour titles in 2000, was rewarded for being the most consistent performer on the women's circuit.
It is the third time in four years that the 20-year-old from Switzerland has been named ITF World Champion.