If there’s any tournament in golf where how much the winner makes in prize money is secondary to everything else that comes with claiming the title, it’s the Masters. The legacy of being one of the select golfers to own a green jacket and with it a spot in the Champions locker room, a seat at the Champions Dinner and a place in golf history, is worth more than the payout that winds up in their bank account—even with the staggering amounts that are being paid out at majors these days.
Make no mistake, however, those who shake the Augusta National chairman’s hand in Butler Cabin at the conclusion of the tournament earn an impressive financial reward.
As the rise of LIV Golf and the mega-million-dollar purse has caused the PGA Tour to counter with its own $20 million signature events, record prize money payouts are seen on seemingly every tour. The question is whether the majors can keep up, given that their purses turn out to be lower than other “regular” tour events on the two rival circuits.
Truth be told, it has been actually a matter of “catching” up, which is exactly what the Masters has been doing for the past few years. In 2020 and 2021, the Masters payout was $11.5 million, with the winner earning $2.07 million. It jumped to $15 million and $2.7 million for Scottie Scheffler in 2022, then $18 million in 2023, with Jon Rahm claiming $3.24 million for his win. Last year, Rory McIlroy claimed $4.2 million from a $21 million overall purse. Potentially, the tournament will increase the purse again this year, but nothing official will be announced until a cut is made during tournament week.
Currently, the Masters trails the U.S. Open ($21.5 million overall purse) but pays out a bit more than the PGA Championship ($19 million) in terms of men’s majors with the largest purses. (The Open Championship paid $17 million in 2025, up $3.1 million from 2022.) All the majors are currently dwarfed by the Players Championship, which paid out $25 million in March with winner Cameron Young earning $4.5 million.
The evolution of how much the champion has earned over the years at Augusta National offers an interesting look at the development of the game overall.
1934: $1,500
1935: $1,500
1936: $1,500
1937: $1,500
1938: $1,500
1939: $1,500
1940: $1,500
1941: $1,500
1942: $1,500
1943-’45: No Masters (WWII)
1946: $2,500
1947: $2,500
1948: $2,500
1949: $2,750
1950: $2,400
1951: $3,000
1952: $4,000
1953: $4,000
1954: $5,000
1955: $5,000
1956: $6,000
1957: $8,750
1958: $11,250
1959: $15,000
1960: $17,500
1961: $20,000
1962: $20,000
1963: $20,000
1964: $20,000
1965: $20,000
1966: $20,000
1967: $20,000
1968: $20,000
1969: $20,000
1970: $25,000
1971: $25,000
1972: $25,000
1973: $30,000
1974: $35,000
1975: $40,000
1976: $40,000
1977: $40,000
1978: $45,000
1979: $50,000
1980: $55,000
1981: $60,000
1982: $64,000
1983: $90,000
1984: $108,000
1985: $126,000
1986: $144,000
1987: $162,000
1988: $183,800
1989: $200,000
1990: $225,000
1991: $243,000
1992: $270,000
1993: $306,000
1994: $360,000
1995: $396,000
1996: $450,000
1997: $486,000
1998: $576,000
1999: $720,000
2000: $828,000
2001: $1,008,000
2002: $1,008,000
2003: $1,080,000
2004: $1,117,000
2005: $1,260,000
2006: $1,260,000
2007: $1,305,000
2008: $1,350,000
2009: $1,350,000
2010: $1,350,000
2011: $1,440,000
2012: $1,440,000
2013: $1,440,000
2014: $1,620,000
2015: $1,800,000
2016: $1,800,000
2017: $1,980,000
2018: $1,980,000
2019: $2,070,000
2020: $2,070,000
2021: $2,070,000
2022: $2,700,000
2023: $3,240,000
2024: $3,600,000
2025: $4,200,000
Three-time champion Phil Mickelson, missing from this year’s Masters, holds the mark for the most money earned in his career at the Masters. Mickelson pushed past five-time winner Tiger Woods in 2023 and has an all-time total to $9,870,317.
Here is Mickelson’s breakdown over the years:
1991: T-46, Amateur
1993: T-34, $8,975
1995: T-7, $70,950
1996: 3, $170,000
1997: MC, $0
1998: T-12, $64,800
1999: T-6, $125,200
2000: T-7, $143,367
2001: 3, $380,800
2002: 3, $380,800
2003: 3, $408,000
2004: Win, $1,170,000
2005: 10, $189,000
2006: Win, $1,260,000
2007: T-24, $63,800
2008: T-5, $273,750
2009: 5, $300,000
2010: Win, $1,350,000
2011: T-27, $54,400
2012: T-3, $384,000
2013: T-54, $18,320
2014: MC, $0
2015: T-2, $880,000
2016: MC, $0
2017: T-22, $105,600
2018: T-36, $55,275
2019: T-18, $161,000
2020: T-55, $26,680
2021: T-21, $119,600
2023: T-2, $1,584,000
2024: T-43, $72,000
2025: MC, $0
Here’s a look at the top 20 on the Masters career money list along with some notable past champions and where they shake out. It’s hard not to notice how Scottie Scheffler had benefitted greatly from the timing of his impressive Masters run, winning twice in the mega-prize money payout era. And Rory McIlroy’s win last year jumped him from eighth to third place overall:
Masters career money leaders:
1: Phil Mickelson $9,870,317 (32 starts)
2: Tiger Woods $9,642,636 (26)
3: Rory McIlroy $8,543,021 (17)
4: Scottie Scheffler, $8,045,325 (6)
5: Justin Rose $6,686,765 (20)
6: Jordan Spieth $6,366,828 (12)
7: Patrick Reed $5,460,851 (12)
8: Jon Rahm, $5,456,217 (9)
9: Dustin Johnson $4,667,235 (15)
10: Bubba Watson $4,472,230 (17)
11: Hideki Matsuyama $4,244,867 (14)
12: Adam Scott $4,058,807 (24)
13: Lee Westwood $3,687,748 (21)
14: Angel Cabrera $3,553,357 (21)
15: Sergio Garcia $3,476,530 (26)
16: Cameron Smith, $3,436,668 (9)
17: Xander Schauffele, $3,381,637 (8)
18: Brooks Koepka, $3,306,484 (10)
19: Charl Schwartzel $3,113,344 (16)
20: Jason Day, $3,106,248 (14)
Other Masters Notables:
Jack Nicklaus, $748,359 (45 starts)
Gary Player, $239,552 (52)
Arnold Palmer, $139,163.33 (50)
Sam Snead, $50,881.25 (44)
Ben Hogan, $32,735 (25)
Byron Nelson, $15,686.99 (29)
Gene Sarazen, $7,077.25 (34)
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Main Image: JD Cuban
