Masters 2024 new increased prize money means the winner will receive $360000 more than previous year

The Masters has a $20 million prize purse. According to the new announcement, the winner of the ongoing 2024 Masters will bag a whopping $3.6 million, which is $360,000 more than what 2023 winner Jon Rahm received last year.

The 2023 Masters had a $18 million prize purse. Owing to that, the event’s winner’s paycheck is at its largest this year. Notably, 2022 champion Scottie Scheffler took home $2.7 million.

Jon Rahm at the Masters (Image via Getty)

It's pertinent to note that the Masters prize purse has gone up marginally each year since its start. The prestigious event had a total winning purse of $5,000 when it started in 1934. Horton Smith, who won the year, got a paycheck of $1,500.

The winner’s paycheck kept going up before it crossed $1 million in 2001. Tiger Woods became the first player to win a million at the event that year. The sum crossed the $2 million mark in 2019. Woods won it again. This year will be the second time the first-place player gets at least $3 million.

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2024 Masters prize money

While the winner takes the massive $3.6 million payout, the second-placed golfer will bag a respectable $2.16 million.

The golfer finishing third will get $1.36 million and the player taking the fourth place will get $960,000. Interestingly, the golfer finishing 50th on the Masters leaderboard will fly home with $50,400 in the bank.

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Listed below is the complete prize money breakdown for the 2024 Masters:

• WIN - $3,600,000
• 2nd - $2,160,000
• 3rd - $1,360,000
• 4th - $960,000
• 5th - $800,000
• 6th - $720,000
• 7th - $670,000
• 8th - $620,000
• 9th - $580,000
• 10th - $540,000
• 11th - $500,000
• 12th - $460,000
• 13th - $420,000
• 14th - $380,000
• 15th - $360,000
• 16th - $340,000
• 17th - $320,000
• 18th - $300,000
• 19th - $280,000
• 20th - $260,000
• 21st - $240,000
• 22nd - $224,000
• 23rd - $208,000
• 24th - $192,000
• 25th - $176,000
• 26th - $160,000
• 27th - $154,000
• 28th - $148,000
• 29th - $142,000
• 30th - $136,000
• 31st - $130,000
• 32nd - $124,000
• 33rd - $118,000
• 34th - $113,000
• 35th - $108,000
• 36th - $103,000
• 37th - $98,000
• 38th - $94,000
• 39th - $90,000
• 40th - $86,000
• 41st - $82,000
• 42nd - $78,000
• 43rd - $74,000
• 44th - $70,000
• 45th - $66,000
• 46th - $62,000
• 47th - $58,000
• 48th - $54,800
• 49th - $52,000
• 50th - $50,400

The remainder of the golfers on the final leaderboard will receive cash prizes ranging downward from $49,200, while the golfers who failed to make the cut get $10,000 for their efforts.