EVERYONE could do with an extra bit of money in life – and the winners of the ICC T20 World Cup will certainly get that.

Australia’s scintillating 2021 final win over New Zealand saw them pocket approximately £1.4million.

While the Kiwis took home around £715,000 for their efforts which includes Super 12 wins.

But what is the prize money for the winners of the 2022 edition?

How much do the winners get?

The ICC confirmed that the total prize pool is £5m which will be shared among the teams at this year’s World Cup.

And the winners will pocket the same amount as last year – £1.4m with the runners up guaranteed to take home – £715,000.

What is the breakdown?

Similar to 2021, each win in the Super 12 phase will earn a team an additional £35,000.

However, for the sides not automatically through to the Super 12, a first round win will also be worth £35,000.

• Winners – £1.4m
• Runners-up – £715,000
• Losing semi-finalists – £353,000
• Super 12 exit – £62,000
• First round exit – £35,000
• Super 12 win – £35,000
• First round win – £35,000

When is the ICC T20 World Cup 2022?

The eighth edition of the ICC T20 World Cup will be held in Australia, across seven different cities.

It is scheduled to get underway from Sunday, October 16 until Sunday, November 13.

There will be a total of 45 matches with the Super 12 starting on Saturday, October 22.

Australia 173-2 beat New Zealand 172-4 by 8 wickets in the final of the 2021 tournament.