The winner will get $1.5m to $2m and the final sum will be set by October, according to Dr Ali Bacher, the 2003 World Cup executive director.
A working party comprising Barry Richards, Tim May and David Graveney will ask all participating captains next month how best to divide the $5m. The trio will report to Bacher.
Part of the increase follows a $550m contract that the International Cricket Council, the game's governing body, signed with World Sports Group in June last year for television, sponsorship, licensing, merchandizing and Internet rights. The seven-year accord incorporates the 2003 and 2007 World Cups, which takes place in the West Indies, and other ICC events.
The tournament, involving 14 countries, takes place February 7 to March 19.
Australia are the current champions after defeating Pakistan at Lord's in 1999.
Prize money at the 2003 cricket World Cup in South Africa will total $5 million, five times the amount at the previous World Cup in 1999 in England.
