The nation that wins the 2021 Africa Cup of Nations will earn $5 million.
This comes after the Confederation of African Football (CAF) took the decision to increase it from $4.5million.
The 11% increase was approved during the meeting of CAF executives in Douala, Cameroon on Friday.
The runners-up will be paid $2.75 million, a 10% increase from $2.5 million.
The prize monies for the semi-finalists and the quarter-finalists were also increased, with the total sum of the increase on all prize monies being $1.85 million.
Each of the 24 countries that qualified for the competition, will receive at least €534,000 for participation.
The new AFCON prize money structure is as follows:
* Winners: $5million
* Runners-up: $2.75million
* Semi-Finalists: $2.2million
* Quarter-Finalists: $1.175million