The 2009 ICC Champions Trophy going to be staged in South Africa in the month of September this year - will present £2.4m ($4m) in entire prize money.
The International Cricket Council established the increase from £700,000 ($1.15m) from the earlier tournaments in 2004 and 2006.
Pakistan was set to host the one-day contest in 2008 but the event was switched to South Africa because of security problems regarding the terrorist attacks.
The eight-team competition will start from 22nd September to 5th October.
The Wanderers in Johannesburg and Centurion Park stadiums will host the 14 matches in 15 days as holders Australia protect their title.
England, India, New Zealand, Pakistan, South Africa, Sri Lanka and West Indies make up the other countries concerned as the top-ranked teams battle it out for the title.
ICC head executive Haroon Lorgat said: "The important boost in prize money is just the first of a series of novelty which will mark out the ICC Champions Trophy as a high-value contest for players, audience and our members.
"The new format means eight teams, 15 matches and one prize and as the only worldwide multi-team 50-over cricket battle between ICC Cricket World Cups. It will be an invaluable indicator of form as well as an immense advertisement for our great sport of cricket."