The LPGA Tour Championship will award record prize money to women golfers from 2024 after agreeing a new two-year contract with sponsor CME Group.
The overall purse for the end-of-season event is to increase from $7million (£5.6m) to $11m (£8.85m).
The prize for the winner doubles from $2m (£1.6m) to $4m (£3.2m), with the runner-up taking home $1m (£800,000).
Every player in the 60-strong field will also be guaranteed at least $55,000 (£44,250) for the first time.
LPGA Commissioner Mollie Marcoux Samaan said the deal "underscores the growth and strength of the LPGA".
Financial services company CME Group has sponsored the season-ending Tour Championship since 2011 and the season-long points race, currently titled Race to the CME Globe, since its introduction in 2014.
This year's Tour Championship begins on Thursday at the Tiburon Golf Club in Florida, with New Zealand's Lydia Ko the defending champion.