The increase in prize money marks the 30th anniversary of the US Open becoming the first of tennis' Grand Slams to pay equal financial rewards to both sexes.
The Australian Open recently restored parity to its prize money structure but both Wimbledon and the French Open still pay slightly more to the men.
Commented Alan Schwartz, president of the USTA: "The increase in prize money to record levels reaffirms our commitment to the top singles and doubles players in the world who make the two weeks of the US Open the showcase event for tennis in the US."
The United States Tennis Association has unveiled the prize money structure for the 2003 US Open with both men's and women's champions set to take home $1million each.
