The 2014 World Cup champions will receive 35 million US dollars in prize money, world football's governing body FIFA announced on Thursday.

The value represents a 17% increase on the cheque handed to Spain for winning the 2010 tournament in South Africa.

FIFA will pay the second-placed side 25 million dollars while third will receive 22 million dollars.

Each of the tournament's 32 teams will receive 1.5 million dollars before the tournament begins to help cover their preparation costs.

Another 70 million dollars have been set aside for indemnity payments to clubs who will be without their players during the month-long tournament.

In addition, FIFA has pledged 100 million US dollars to a legacy fund for the Brazilian government.

World Cup prize money:

Winners - 35 million US dollars

Second - 25 million dollars

Third - 22 million dollars

Fourth - 20 million dollars

Quarterfinals - 14 million dollars

Round of 16 - 9 million dollars

Group phase - 8 million dollars