The winner of the 151st Open will receive £2.3m as part of the tournament's largest ever prize fund.
The prize for the champion has risen by more than £300,000 compared to the £2m won by Cameron Smith last year.
The overall purse - £11.2m last year - has risen to £12.7m.
R&A chief executive officer Mark Slumbers said: "Our aim is to ensure The Open remains at the pinnacle of world golf and we have almost doubled the prize fund since 2016."
This year's Open will take place from 20-23 July at Royal Liverpool in Hoylake.
The sport's oldest major will return again to Merseyside in three years' time, after Southport golf course Royal Birkdale was named as the 2026 host.
Slumbers added: "While we are seeing substantial increases in prize money across the men's professional game, we are fulfilling our wider obligation to the sport by elevating the AIG Women's Open."
The 2022 Women's Open prize fund was £5.6m, a rise of 125% since 2018, with the winner Ashleigh Buhai receiving just under £850,000.
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