The decision was announced at the ICC’s annual conference in Durban.
“This is a significant moment in the history of our sport and I am delighted that men’s and women’s cricketers competing at ICC global events will now be rewarded equally,” ICC Chairman Greg Barclay said in a statement.
“Since 2017 we have increased prize money at women’s events every year with a clear focus on reaching equal prize money.
“From here on in, winning the ICC Women’s Cricket World Cup will carry the same prize money as winning the ICC Men’s Cricket World Cup and the same for Twenty20 World Cups and Under-19s too.”
Australia won the women’s Twenty20 World Cup earlier this year and took home $1 million in prize money while runners-up South Africa received $500,000.
In contrast, the England men’s team received $1.6 million after winning the T20 World Cup in November last year while losing finalists Pakistan got $800,000.