A low score at the Masters at Augusta means a high payout for professional golfers.

The Michael Schmidttotal purse for the 2024 Masters is $20 million, a record high, and up $2 million from last year. Tournament champion Scottie Scheffler took home a record $3.6 million — $360,000 more than last year's winner earned. Scheffler, who is American, also won the tournament in 2022, when he netted $2.7 million of a $15 million purse. 

In 2023, tournament winner John Rahm took home a $3.24 million payout in prize money, a nice chunk of that year's tournament's total $18 million purse. 

The remainder of the purse was split among 50 golfers, with the tournament's two runners-up taking home $1.6 million each in prize money. Only three golfers earned seven figures, based on how they placed. 

The purse for the 2024 competition at Augusta was announced Saturday. Following tradition, it is announced during, as opposed to in advance of the tournament. 

The 2024 Masters purse payout breakdown is as follows, with the top 50 golfers receiving cash prizes ranging from $3.6 million to $50,400. The remaining professionals, who do not place in the top 50, receive cash prices ranging downward from $49,200, based on their scores. Notably, amateurs do not earn money to compete. The first year the masters was played, in 1934, the purse was $5,000 and the winner took home $1,500. 

Purse: $20 million

Winner: $3.6 million

Second Place: $2.16 million

Third Place: $1.36 million

Fourth Place: $960,000

Fifth Place: $800,000

Sixth Place: $720,000

Seventh Place: $670,000

Eighth Place: $620,000

Ninth Place: $580,000

Tenth Place: $540,000

Megan Cerullo

Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News Streaming to discuss her reporting.