The Open is increasing its purse to $16.5 million, with the winner next week at Royal Liverpool getting $3 million.
The total prize fund was $14 million a year ago. Cameron Smith, who won at St. Andrews, earned $2.5 million.
The second- and third-place finishers at this year's Open in Hoylake, England, will both receive more than $1 million as well, getting $1.708 million and $1.095 million, respectively.
Prize money increased this year at all the majors, with the U.S. Open going up to $20 million, most among the four Grand Slam events. Wyndham Clark received $3.6 million for winning his first major title.
The Masters increased its purse to $18 million ($3.24 million to Jon Rahm) while the PGA Championship went up to $17.5 million ($3.15 million to Brooks Koepka).
"Our aim is to ensure The Open remains at the pinnacle of world golf and we have almost doubled the prize fund since 2016," R&A CEO Martin Slumbers said in a statement.
Slumbers noted the "substantial increases" in prize funds across golf, with the PGA Tour establishing $20 million purses for its elevated events and $25 million for the Players Championship. Saudi-funded LIV Golf offered $25 million purses -- $20 million for individual competition -- last year.
Slumbers said the R&A also has raised the prize money for the Women's Open, along with putting more resources into elite amateur competition and programs to increase participation in golf.
"We believe that getting this balance right is vital to the long-term future of the sport," he said.
The Open begins July 20.
The Associated Press contributed to this report.