This year's Masters will pay the winner a record $3.24 million from a highest-ever $18 million prize money purse, Augusta National announced on Saturday.
The previous record prize money total was last year's $15 million, with current world No 1 Scottie Scheffler taking home the green jacket winner's prize of $2.7 million.
While historic by Augusta standards, it pales to the $25 million purses at stake in 54-hole events in the Saudi-backed LIV Golf League, which has caused a massive split in elite golf since its launch last June.
Brooks Koepka, one of the challengers at Augusta for the Masters title, pocketed $4 million last week for winning LIV's event in Orlando.
LIV's record prize money and shorter events lured away several big-name stars from the PGA Tour despite concerns over Saudi Arabian human rights issues.
The PGA Tour has banned LIV players from its events and their legal battle is set to reach a courtroom early next year.
The PGA has made changes to its schedule to create more events with larger purses and fewer players to combat LIV Golf.
This year's Masters runner-up will receive $1.944 million with third place good for $1.224 million – all assuming that US amateur contender Sam Bennett doesn't finish in that spot, since he cannot take prize money.