Speaking at the IBA Women and Sport Conference here, Kremlev revealed that gold medallists in all 12 categories will receive $200,000 (£162,000/€184,000) at the event in two years' time.

This year's World Championships staged in Indian capital New Delhi will see title winners earn $100,000 (£83,235/€94,371), with silver medallist securing $50,000 (£41,617/€47185) and bronze medallists getting $25,000 (£20,808/€23,592) as part of a record purse of $2.4 million (£1.9 million/€2.2 million).

Kremlev said he also wanted to reward those that finish fourth and fifth with prize money.

"Today, the IBA is going to support you and this Championships there is $100,000 and the next one is going to be $200,000 [for the gold medallists]," said Kremlev.

"We are going to double the prize money for the next Championships.

"I have a dream that I don't only want to give prize money for the first, second and third but also the fourth and fifth winner of the Championships.

"I would like to give an opportunity to more athletes both men and women as they are equal in the IBA."

The increase in prize money aims to ensure gender balance at the top of the sport, with the gold medallists set to earn $200,000 at this year's Men's World Championships, due to be held in Uzbek capital Tashkent in May.

Kremlev also revealed plans for newly-crowned world champions to earn extra money by taking on the winner of the Diamond Belt Series, scheduled to be staged in December.

"Everyone who is going to win a gold [at the Diamond Belt Series], they are going to have the opportunity to fight the world champions in the next fight," added Kremlev.

"I think this will make a great competition - be ready for it.

"It is a goal to have prize money in different countries and have prize money at National Championships in every country as well."