The winner of the 150th Open at St Andrews next week will receive a championship-record £2 million in prize money.
The jackpot for the champion will be a £300k increase from what last year’s champion Collin Morikawa earned after his triumph, with the total purse for the latest tournament increasing by 22%.
"There have been significant changes in prize money over the last year," said Royal & Ancient Golf Club of St Andrews chief executive Martin Slumbers.
"We have therefore increased the prize fund by 22% which means prize money has increased by more than 60% since 2016.
"We have made this substantial investment while balancing our wider commitments to developing golf at all levels around the world and to continuing to elevate the AIG Women's Open."
The significant rise in the purse for the landmark championship at St Andrews follows the launch of the lucrative Saudi Arabian-backed LIV Golf Series. The controversial series is offering its players total prize funds of £20.8 million at seven events while the final event will double to £41.6 million.
South African Charl Schwartzel pocketed £3.86 million from his victory at the first LIV Golf Series event in Hertfordshire in June. This figure was equal to what he had earned in total on the PGA Tour over the last four years.
Unlike the Scottish Open, where the DP World Tour banned LIV Golf players from competing, they will be allowed to take part at The Open at St Andrews.
The PGA Tour suspended 17 members who played in the inaugural event, including Phil Mickelson and Dustin Johnson, while the DP World Tour banned players who competed in the tournament from the Scottish Open and fined them £100,000. The Open takes place between 14-17 July and is set to draw a record 290,000 crowd.
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