The purse total surpasses last year's $18 million (£14.5m) total, from which Spanish winner Jon Rahm took home $3.24 million (£2.6m).
Just two years ago, Augusta National jumped the prize money from $11.4 (£9.15m) million to $15 million (£12m) for the 2022 Masters won by Scottie Scheffler, the current world number one who shares the 36-hole Masters lead with fellow Americans Max Homa and Bryson DeChambeau.
This year's Masters runner-up will receive $2.16 million (£1.73m) with third place paying $1.36 million (£1.1m).
But the total Masters payout is still eclipsed by events in the Saudi-backed LIV Golf League while the PGA Tour's Players Championship offered a $25 million (£20m) purse last month, from which Scheffler won the top prize of $4.5 million (£3.6m).
A decade ago, the Masters' purse was just over $9 million (£7.2m).
