Hosts Australia will be chasing a top prize of $1.6 million at the ICC Men's T20 World Cup that starts on October 16 ©Getty Images

The winner of the International Cricket Council's (ICC) Men's T20 World Cup 2022 in Australia will earn $1.6million (£1.4 million/€1.63 million) in prize money from a total prize pool of $5.6 million (£5million/€5.7million), the ICC has announced.

The runners-up in the final scheduled for November 13 in Melbourne will receive a prize money of $800,000 (£717,000/€816,000).

At the end of the 16-team tournament that starts on October 16, the losing semi-finalists will each get $400,000 (£359,000/€408,000).

The eight teams who exit at the Super 12 stage will receive $70,000 (£63,000/ €71,000) each.

The ICC has announced the prize money for the Men's T20 World Cup due to take place in Australia between October 16 and November 13 ©ICC
The ICC has announced the prize money for the Men's T20 World Cup due to take place in Australia between October 16 and November 13 ©ICC

And as at the ICC Men's T20 World Cup 2021, a win in each of the 30 games in the Super 12 phase will be worth $40,000 (£36,000/€41,000).

The eight teams that made it directly to the Super 12 phase are Afghanistan, Australia, Bangladesh, England, India, New Zealand, Pakistan and South Africa.

The other eight teams - Namibia, Sri Lanka, Netherlands, UAE in Group A and West Indies, Scotland, Ireland and Zimbabwe in Group B - are split into two groups of four and will play the first round.

For any win in the first round, a prize money of $40,000 will be awarded, with the 12 matches amounting to $480,000 (£430,000/€490,000).

The four teams knocked out in the first round will get $40,000 each.