The Masters: Record prize fund of $20 million up for grabs at Augusta

The $2 million increase sees the tournament draw level with the US Open as the highest purse in a Major

By Nick Tarratt, Khaleej Times Guest Golf Writer, Live at The Masters

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Spain's Jon Rahm lifts the 2023 Master Trophy, a three-dimensional depiction of the clubhouse  at Augusta. He also took home $3.24 million. -AFP
Spain's Jon Rahm lifts the 2023 Master Trophy, a three-dimensional depiction of the clubhouse at Augusta. He also took home $3.24 million. -AFP

Published: Sun 14 Apr 2024, 5:40 PM

Last updated: Sun 14 Apr 2024, 5:49 PM

A record purse of $20 million is on offer at the 88th edition of the Masters, the first Major of the year.

As has been the tradition in previous years, the organisers have announced the prize fund during the tournament -in fact after the 36-hole cut, unlike all other tournaments.


This is a $2 million increase on last year’s purse with the winner set to take home $3.6 million while the runner-up will pocked an attractive $2,160,000.

Third place wins over $1 million while 50th place and others that make the cut beyond 50th win $50,400.


Scottie Scheffler with the famous Green Jacket after winning in 2022. - Instagram
Scottie Scheffler with the famous Green Jacket after winning in 2022. - Instagram

The prize fund now matches the 2023 US Open as the highest purse in a Major.

Just look back to 10 years ago in 2014 when Bubba Watson won the total purse was just $9 million. How times have changed in recent years primarily as a response, it is believed, to LIV Golf, who have a core individual purse of $20 million for each event plus a further $5 million for the Team Event.

Let us dig deep into what else the champion, plus so many others takes home outside of the financials.

The permanent Masters Trophy, depicting the Clubhouse was introduced in 1961 and remains at the Club. Instead, the champion receives a sterling replica of the Trophy (since 1993), a gold medal and the famous Green Jacket.

The legendary Jack Nicklaus with 2015 winner Jordan Spieth, in their Green Jackets. - Instagram
The legendary Jack Nicklaus with 2015 winner Jordan Spieth, in their Green Jackets. - Instagram

The champion can take his jacket home with him for one year but will be required to return it when he comes back for the next Masters. The jacket is then stored at the club and is available to the champion whenever he visits the club.

The runner-up receives a silver salver and silver medal.

The low amateur receives a silver cup as long as they make the 36-hole cut and will be part of the presentation ceremony in Butler Cabin.

This award was introduced in 1952 and for this year has already been won by 23-year-old American Neal Shipley, the sole amateur to make the cut.

Amateur players are not paid for their participation in The Masters and if any make the cut, their prize money will go back into the purse and is divided amongst the professionals who get to play the whole four days.

These behind-the-scenes insights that are not significantly broadcast by all the media channels, add so much to the history and tradition of The Masters.

Just imagine the trophy cabinets of six-time winner Jack Nicklaus five-time champion Tiger Woods and other long-time Masters’ legends.

Now that would be impressive – let alone all the other trophies and awards they have gained in their careers from other tournament wins, both as professional and even from their amateur days.

Are they on display or in storage somewhere? So how do they prioritise the ones for the trophy cabinet or cabinets? Now there is another story!

Prize money for the top 5 compared to last year's numbers:

1st place: $3.6 million (up from $3.24 million in 2023)

2nd place: $2.16 million (up from $1.944 million)

3rd place: $1.36 million (up from $1.224 million)

4th place: $960,000 (up from $864,000)

5th place: $800,000 (up from $720,000)

The special trophies

In addition, since 1954 the following trophies have also been awarded:

Day’s Low Score - crystal vase.

Hole-in-One - large crystal bowl.

Eagle – a pair of crystal glasses.

Double Eagle (Albatross) - large crystal bowl.

Plus, crystal prizes are also awarded for the Par 3 Contest.


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