Dominic Thiem has been to Finals a number of times. However, he didn't a Grand Slam yet. He fell short during the Australian Open, where Novak Djokovic has won their battle. Making it to the Finals brought him to number 4, as he surpassed Daniil Medvedev, who fell to number 5.
As he is at number 4, he's just behind Roger Federer. The lead of Federer is just 85 points, and that's easy to reach. Though, the number would be far behind the number 2, Rafael Nadal, and Novak Djokovic, who is leading for more than 300 points from the runner up.
Thiem would be playing again soon, and he is determined to surpass the points of Federer for the third slot. He will be joining the ATP 500, which might give him points. Besides, he is one of the favorites on the tournament. No news whether Federer, Rafael Nadal, and Novak Djokovic would be playing.
ATP 500 is not a Grand Slam tournament. Unsure about it, but since Thiem is aiming for it, he will surely earn more points. Perhaps, some other players would be aiming for bigger events where they get more points and money.
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The competition is tight right now.. for sure.. WAY UP.