New York, Jul 19 (IANS): The total prize money up for grabs at this year's US Open tennis Grand Slam will reach $50.4 million, the organisers said here.

The United States Tennis Association (USTA) on Tuesday said in a statement that the tournament purse had been increased by $4 million, which once again makes the tournament the richest event in tennis, reports Xinhua news agency.

The winners of the men's and women's singles will each pocket $3.7 million, while prize money for each round would increase by an average of 7.5 per cent compared to 2016.

The men's and women's doubles champions would take home $675,000, while the purse for the qualifying tournament had increased to $2.9 million-- a 49.2 per cent increase over last year.

"Five years ago, we committed to the players that total player compensation for players would reach $50 million at the US Open, and we are honouring that commitment," USTA chairman Katrina Adams said in a statement.

This year's US Open will be held from August 28 to September 10.