The purse at next month's AIG Women's British Open climbed nearly 40 percent from 2018 to $4.5 million.
The R&A announced the increase on Monday amid a focus on pay equality for women in sports, with much attention being paid to the significantly lower amount of money winners of the Women's World Cup earn compared to their male counterparts.
Factoring in the increase, the Women's British Open has the second-highest payout of the five major championships, trailing only the $5.5 million purse for the U.S. Open.
The Women's British Open will be played Aug. 1-4 at the Marquess' Course at the Woburn Golf Club in London.
"We recognized that more needed to be done to elevate the prize fund for this great championship and are pleased that we have been able to make a significant increase this year as part of The R&A's commitment to women's golf," said Martin Slumbers, chief executive of The R&A.
Defending champion Georgia Hall, a 23-year-old from England, won $490,000 last year at Royal Lytham & St. Annes Golf Club in England. This year's winner will take home $727,500.
When the men compete in the 148th Open Championship from July 18-21, they will be playing for a purse of $10.75 million. The winner will receive $1.935 million.
"This is an important first step and we know it will take time to move closer to achieving parity with the men's game," Slumbers said. "We will continue to work toward the long-term goal of a sustainable business model but we can't do it alone and the support of fans, sponsors and media are all key to achieving that success."