T20 World Cup 2022 is all set to take place on October 16. For the prestigious event, International Cricket Council (ICC) has released the prize money. The winning team in the ICC Men's T20 World Cup 2022 in Melbourne on November 13 would get a staggering $1.6 million. The runners-up will earn half of the prize money.

The prize money is not just for the winners and runners-up, but also for the semi-finalists, who will get $400,000 from the $5.6 million total prize pool.

The ICC has set aside a specific sum for teams who fail to go through the Super 12 stage. The eight teams that leave early will win $70,000 apiece.

Following the format established last year at the ICC Men's T20 World Cup 2021, the winning side will get $40,000 for winning each of the 30 games in the Super 12 phase.

The prize money for the T20 World Cup 2022 in Indian Currency:

Winners: 13,05,35,440 INR
Runner up: 6,52,64,280 INR
Semi-finalist: 3,26,20,220 INR
Super 12 wins: 32,62,022 INR
Super 12 exit: 57,08,013 INR
First round win: 32,62,022 INR
First round exit: 32,62,022 INR

The prize pot for the 2022 #T20WorldCup in Australia has been revealed 👀

Full details 👇https://t.co/Vl507PynsJ
— ICC (@ICC) September 30, 2022

Also Read: Women's Asia Cup 2022 Schedule, Streaming Details and All Team Sqauds

Afghanistan, Australia, Bangladesh, England, India, New Zealand, Pakistan, and South Africa are the eight teams who have made it to the Super 12 stage.

Namibia, Sri Lanka, the Netherlands, and the United Arab Emirates are among the other eight teams in Group A. West Indies, Scotland, Ireland, and Zimbabwe were in group B. These teams will compete in the qualifiers before proceeding to the main competition which begins on October 16.