The ICC have revealed that associate and affiliate countries will receive a cash boost as well as doubling the prize money for the top men's and women's teams.
Cricket's governing body made the decision during a two-day meeting of the International Cricket Council board that concluded in Dubai on Tuesday.
An ICC release said: "The board approved an increased allocation of $US65 million ($NZ97.3 million) prize money for the top-ranked test sides and for men's and women's ICC events during the period 2016-2023."
That means prize money paid to players will increase by 41 per cent compared to the previous eight-year cycle and the No 1-ranked test team, by April 1 2016, will receive $US1 million ($NZ1.5 million) – up from $US500,000 ($NZ750,000) in 2015.
"This prize money is in addition to the Test Cricket Fund of $US70 million ($US105 million), which the ICC board introduced last year to help ensure test-playing sides are able to sustain a home program of test cricket through to 2023," added the ICC.
The extra funding will be available next year to all test members except the Board of Control for Cricket in India, Cricket Australia and the England and Wales Cricket Board.
The ICC board have also increased funding for the 38 associate and 57 affiliate members by up to $US208 ($NZ312 million) for 2016-2023, compared to the $US125 million ($NZ187.5 million) they received in the previous cycle.
Women's cricket will also have a five-fold increase in prize money in the six women's events between 2016 and 2023 and the ICC has acknowledged developments in the game.
"The women will compete for total prize money of $US4.4 million ($NZ6.6 million) during the period, including a prize money pool of $US1 million ($NZ1.5 million) for the ICC Women's World Cup 2017."
The 2017 Women's World Cup will also have a new format, with eight teams competing in the event to be hosted by the England and Wales Cricket Board.
Teams will play a round-robin format before the top four sides progress to the semifinals, followed by the final.
The ICC also noted their developed relations with the suspended United States Cricket Association
They said: "The board was pleased with the work undertaken, in conjunction with the wider US cricket community, to start developing a meaningful strategy for cricket in the USA, which includes the unification of all stakeholders."
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