The AIG British Women’s Open at Carnoustie this week will be the most profitable event in female golf, organizers said on Wednesday, with the prize money raised by USD 1.3 million to USD 5.8 million.

The winner will walk away with $870,000, while the runner-up will receive $572,750. Next year, the largest prize fund in women’s Major Championship golf will increase by another $1.0 million.

The Women’s Open takes place from Thursday to Sunday, with Muirfield hosting the 2022 event.

Martin Slumbers, the CEO of Royal&Ancient,  said in his statement that together with their partners at AIG, they are taking action to effect change and delivering a clear message that more has to be done to develop women’s golf.  He said that with the support of AIG, they have established a new standard for prize money in this week’s women’s Major Championship golf and will continue to do so next year.

He added that they hope this inspires other tournaments to follow their example and contributes to the women’s game taking a collective leap forward.

The US Women’s Open in June included a $5.5 million prize purse. However, the men’s British Open at Royal St George’s in July had a $11.5 million prize purse, with Collin Morikawa taking home more than $2.0 million.