The total prize pot of $10 million (R142.9 million) will see the runners-up assured of $2 million (R28.6 million) and the losing semi-finalists $800 000 (R11.4 million) each at the end of the 46-day tournament being played across 11 venues from Thursday, May 30.
According to the ICC, this is the highest prize fund to date.
There is also prize money up for grabs for each of the 45 league matches, with sides pocketing $40 000 (around R571 000) every time they secure victory in their nine group stage matches.
The six sides that do not progress out of the league phase will earn $100 000 each (around R1.42 million).
The Proteas will play the May 30 tournament opener when they take on hosts and favourites England.