Record US Open prize money

New York - The prize money pool for this year's US Open has been increased by 11.% to a record $38.3 million, the United States Tennis Association (USTA) has announced on Wednesday.

The men's and women's singles champions will earn $3 million, a record payout at the year's final grand slam, while winners of each round of the singles competition will be awarded a double-digit percentage increase over last year.

"Last year to recognize the importance of the players and the key role they have in building our sport, the USTA shared our vision to reach $50 million in prize money at the US Open by 2017," USTA chairman Dave Haggerty said in a statement.

"This year's prize money increase continues the commitment to make the U.S. Open one of the most lucrative purses in all of sports."

The total purse for the US Open's singles, doubles and mixed doubles competitions - which exceeds those at two of the other three grand slam tournaments - has been increased by 12.5% over last year.

This year, Wimbledon had a total prize pool of £25 million ($41.98 million) while the Australian Open had an overall purse of $33 million and the French Open paid out a total of $34.54 million.

In the last three years, prize money for the main draw at the US Open has been increased by 64.6%.

This year's qualifying tournament will offer more than $1.5 million in prize money for the first time, a rise of 11% over 2013.