It means that God exalted him above all others, just as God gave him a name that is above all others. The Wycliffe Bible uses the word "enhanced," which is just another way of saying exalted.
Enhance:
verb (used with object), enhanced, enhancing.
- to raise to a higher degree; intensify; magnify: The candelight enhanced her beauty.
- to raise the value or price of: Rarity enhances the worth of old coins.
Exalt:
verb (used with object)
- to raise in rank, honor, power, character, quality, etc.; elevate: He was exalted to the position of president.
- to praise; extol: to exalt someone to the skies.
- to stimulate, as the imagination: The lyrics of Shakespeare exalted the audience.
- to intensify, as a color: complementary colors exalt each other.
- Obsolete. to elate, as with pride or joy.