The total prize pot for the tournament stands at around £5m
The ICC has confirmed the prize money for the 2022 Men's T20 World Cup, with the winning team set to pocket $1.6m USD (£1.43m).
The total prize pot for the 16-team tournament, which begins in Australia on October 16, stands at $5.6m (around £5m).
The runners-up will receive half the amount of the champions, taking home $800,000 (£720,000), while the losing semi-finalists will earn $400,000 (£360,000).
The runners-up will receive $400,000 (£360,000) [Alex Davidson/Getty Images]
The eight teams remaining teams who do not progress beyond the Super 12s will each be awarded $70,000 (£63,000). Every victory in the Super 12s will be worth $40,000 (£36,000).
Prior to the Super 12s, eight teams will play round robin fixtures in two four-team groups, with the top two sides progressing to the next round.
Each round one victory will be rewarded with $40,000 (£36,000) while the four teams who are eliminated in the first round will get an additional $40,000 (£36,000).
Namibia, Sri Lanka, Netherlands, and UAE (all Group A) and West Indies, Ireland, Scotland and Zimbabwe (Group B) will enter the competition in round one while Australia, New Zealand, England, Afghanistan, India, Pakistan, South Africa and Bangladesh have progressed directly to the Super 12s.