The Northern Irishman finished two strokes ahead of Hojgaard on 15 under at Jumeirah Golf Estates after a three-under-par 69 in his final round.
McIlroy, 35, was confirmed as the Race to Dubai winner midway through his round when nearest challenger Thriston Lawrence – who had needed to win the tournament to have any chance of clinching the overall title – finished at one under.
It is the third year in succession that McIlroy has topped the tour’s season rankings and his sixth title overall – matching Seve Ballesteros’ record.
“Everyone knows what Seve means to European golf and Ryder Cup players,” an emotional McIlroy told Sky Sports.
“The European Ryder Cup locker room, all we have are quotes from Seve. We had a changing room with Seve’s shirt from ‘95, the last Ryder Cup he played.
“He means so much to European golf and for me to be mentioned in the same breath, I’m very proud.”
Sharing a three-way lead at the start of the final round, McIlroy put two shots between himself and Hojgaard with four birdies in his first five holes.
But bogeys on the ninth and 13th allowed the Dane to draw level with four holes remaining.
Just as Hojgaard was piling on the pressure, McIlroy produced a stunning approach shot on the 16th to tee up a birdie putt.
It was precisely the type of risky, aggressive play that has worked against McIlroy in the past but it moved him one stroke clear on this occasion with two holes left.
Hojgaard was forced to be aggressive in reply, but the Dane narrowly missed a birdie putt on the 18th – relieving the pressure on McIlroy who holed his own birdie attempt to seal the win.
Despite his success this season, McIlroy failed to end his decade-long wait for another major.
The 35-year-old collapsed during his final round of June’s US Open, eventually losing by one stroke to Bryson DeChambeau.
“I’ve been through a lot this year, professionally, personally and it feels like the fitting end to 2024,” said McIlroy.
“I’ve persevered this year a lot, had close calls, wasn’t able to get it done, so to be able to get over the line… I’m really pleased with the way I finished and thankfully I hung on on a tough day and got the job done.”
McIlroy will be joined on the PGA Tour next year by countryman Tom McKibbin.
The 21-year-old shot a 72 in his fourth round to finish tied for 11th on eight under and claim the final dual membership spot.
