The International Cricket Council (ICC) on Monday announced a 20 percent increase in prize money for next year's World Cup in Australia and New Zealand.

The winners will take home $3.975 ­million, but if a team remains unbeaten that would rise to more than $4 million.

The team which loses the March 29 ­final in Melbourne will pocket $1.75 million while the two losing semifinalists will each get $600,000.

The four losing quarterfinalists will receive $300,000 each while the winners of each group matches will get $45,000 per match.