The total prize money for this year's Masters has risen to $20 million, surpassing last year's total of $18 million. Spain's Jon Rahm emerged victorious at the previous edition, claiming a substantial $3.24 million from the prize pool when he won the prestigious green jacket.

Two years ago, Augusta National increased the prize money for the 2022 Masters from $11.4 million to $15 million. Scottie Scheffler, the current world number one, won the tournament two years ago and is now tied for the 36-hole Masters lead with fellow Americans Max Homa and Bryson DeChambeau.

At this year's Masters, the runner-up will receive a whopping $2.16 million and the third-placed golfer will not go unrewarded, taking home $1.36 million.

The total prize money for the Masters is still overshadowed by the Saudi LIV Golf circuit. Last month, the PGA Tour's Players Championship boasted a $25 million purse, with Scottie Scheffler emerging victorious to claim the $4.5 million top prize.

The last athlete to sign a contract with Liv Golf was Jon Rahm, who was worth £500 million. The ongoing battle in professional golf between the historic PGA Tour and the upstart Saudi-backed LIV Golf has also led to lawsuits. A decade ago, the financial landscape of the Masters was very different, with a total purse of just over $9 million.