The winners of the tournament will receive $US2.34 million ($A3.46 million), more than double the $US1 million ($A1.5 million) awarded to Australia for winning the previous edition in 2023.
India received $US2.45 million ($A3.63 million) earlier this year for winning the Men's T20 World Cup, which handed out a total of $US11.25 million ($A16.65 million).
In 2020, Cricket Australia (CA) took the bold step of topping up its T20 World Cup winners prizemoney to equal a men's payday.
However, a CA spokesperson told AAP it was a one-off deal as tournament hosts.
The stakes just got higher 🚀— ICC (@ICC) Biggest-ever prize money pool announced for ICC Women's #T20WorldCup 2024 👇https://t.co/CSuMLPjbwVSeptember 17, 2024
"This move is in line with the ICC's strategy to prioritise the women's game and accelerate its growth by 2032," the ICC said in a statement on Tuesday.
"Teams will now receive equal prizemoney for the equivalent finishing position at comparable events as well as the same amount for winning a match at those events.
"The men's T20 World Cup 2024 event prizemoney is only higher on account of 10 additional teams participating and 32 more matches played."
The losing finalists will walk away with $US1.17 million ($A1.73 million), while each of the participating teams are assured of $US112,500 ($A166,530).
The women's T20 World Cup, scheduled for October 3 to 20, was moved to the United Arab Emirates from Bangladesh, which has been rocked by political turmoil and violence in recent months.
Bangladesh take on Scotland at Sharjah Cricket Stadium in the opening game of the tournament with defending champions Australia facing Sri Lanka two days later at the same venue.
Ten teams will play 23 matches in Dubai and Sharjah to decide the 2024 champions.
With AAP.
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