The winners of the 2025 World Test Championship will be richer by US$3.6 million, more than double of what was awarded in the previous edition.
Australia had received US$1.6 million for winning the final against India in 2023.
The 2025 final will be played between Australia and South Africa at Lord's from June 11.
The losing finalists will earn US$2.1 million while runners-up of the previous two editions got USD 800,000.
"The increase in prize money exhibits the ICC's efforts to prioritise Test cricket as it looks to build on the momentum of the first three cycles of the nine-team competition," said the ICC in a statement on Thursday.
The WTC cycle saw South Africa finish on a high with 2-0 home series wins over Sri Lanka and Pakistan, ending with 69.44 percentage points. Defending champions Australia finished with 67.54 points while India finished with 50.00 after leading the table for majority of the time.
"We are enormously proud to have the opportunity to defend the World Test Championship, especially at Lord's. It's a testament to all those involved across the past two years who have worked incredibly hard to reach the final, which is a great honour for all of us," said Australian captain Pat Cummins.
South African skipper Temba Bavuma added: “Everyone understands the importance of Test cricket and the World Test Championship lends context to this vital format of the game.
"Lord's is a fitting venue for this mega fixture and all of us will be out there trying to give our best against Australia.”