Next month's Women's T20 World Cup will offer a record total of $7.96 million in prize money, organising body the International Cricket Council (ICC) said on Tuesday.
The winners of the tournament will receive $2.34 million, more than double the $1 million awarded to Australia for winning the previous edition of the tournament in 2023.
India received $2.45 million earlier this year for winning the men's T20 World Cup, which handed out a total of $11.25 million.
"This move is in line with the ICC's strategy to prioritise the women's game and accelerate its growth by 2032," the ICC said in a statement.
"Teams will now receive equal prize money for the equivalent finishing position at comparable events as well as the same amount for winning a match at those events.
"The men's T20 World Cup 2024 event prize money is only higher on account of 10 additional teams participating and 32 more matches played."
The losing finalists will walk away with $1.17 million, while each of the 10 participating teams are assured of $112 500.
The Women's T20 World Cup, scheduled for 3 to 20 October, was moved to the United Arab Emirates from Bangladesh, which has been rocked by political turmoil and violence in recent months.