The winner of next month's Open at Royal St George's will earn £900,000 - an increase of £50,000 on last year.
The rise puts the championship level with the other three majors.
US Open winner Rory McIlroy and Masters champion Charl Schwartzel each won close to £900,000 and Martin Kaymer earned £910,000 at the US PGA Championship last August.
Even the player coming 10th will take home more than £100,000, as the overall prize pot has risen from £4.8m to £5m.
"We strive to ensure that The Open provides the very best in all areas of the event," said Royal and Ancient chief executive Peter Dawson.
"Every aspect of The Open is under regular review to ensure it remains at the forefront of championship golf."
The last time The Open was played at this year's venue, Royal St George's in Sandwich, was in 2003.
Ben Curtis's winning cheque then was £700,000 but 10 years before that, Greg Norman's prize money for winning was £100,000.