The upcoming Women's T20 World Cup in the UAE next month will feature a record total prize money of $7.96 million, according to the International Cricket Council (ICC) announcement on Tuesday.

The champions of the tournament will be awarded $2.34 million, which is more than double the $1 million given to Australia for their victory in the 2023 edition. Earlier this year, India earned $2.45 million for winning the men's T20 World Cup, which distributed a total of $11.25 million.

The ICC stated, "This initiative aligns with the ICC's strategy to elevate the women's game and expedite its development by 2032." They further explained, "Teams will now receive equal prize money for equivalent finishing positions at comparable events and the same match-winning amounts at those events." The men's T20 World Cup 2024 prize money is higher due to the inclusion of 10 additional teams and 32 extra matches.

The runners-up will receive $1.17 million, while each of the 10 participating teams is guaranteed $112,500. The Women's T20 World Cup, set to take place from October 3 to 20, was relocated to the UAE from Bangladesh, which has faced political unrest and violence in recent months.