The US Open will set a new record with over $50 million in prize money

Prize money in sports has been on the rise for generations, but professional tennis may have just reached its biggest milestone yet.

This year's US Open will feature a purse of more than $50 million, according to an announcement from tournament organizers. It's the first tennis tournament in history to offer so much, topping last year's mark by almost $4 million.

"Five years ago, we committed to the players that total player compensation for players would reach $50 million at the US Open, and we are honoring that commitment," said United States Tennis Association president Katrina Adams in a statement.

The new purse is a massive increase from just five years ago, when men's singles champion Andy Murray took home $1.9 million for his win. This year's singles winners will pocket $3.7 million apiece, nearly doubling that figure.

RELATED: Check out the highest-paid athletes this year, according to Forbes:

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Forbes ranks the highest paid athletes of 2017

T-24. Conor McGregor, mixed martial arts

Salary/Winnings: $27 million
Endorsements: $7 million
Total pay: $34 million

Source: Forbes

(Photo by Brandon Magnus/Zuffa LLC/Zuffa LLC via Getty Images)

T-24. Gareth Bale, soccer

Salary/Winnings: $23 million
Endorsements: $11 million
Total pay: $34 million

Source: Forbes

(Photo by VI Images via Getty Images)

23. Usain Bolt, track

Salary/Winnings: $2.2 million
Endorsements: $32 million
Total pay: $34.2 million

Source: Forbes

(Photo by Scott Barbour/Getty Images)

22. Derrick Rose, basketball

Salary/Winnings: $21.3 million
Endorsements: $13 million
Total pay: $34.3 million

Source: Forbes

(Photo by Jesse D. Garrabrant/NBAE via Getty Images)

21. Jordan Spieth, golf

Salary/Winnings: $5.5 million
Endorsements: $29 million
Total pay: $34.5 million

Source: Forbes

(Photo by Andy Lyons/Getty Images)
20. Fernando Alonso, auto racing

Salary/Winnings: $34 million
Endorsements: $2 million
Total pay: $36 million

Source: Forbes

(Photo by James Black/Icon Sportswire via Getty Images)
19. Dwyane Wade, basketball

Salary/Winnings: $23.2 million
Endorsements: $13 million
Total pay: $36.2 million

Source: Forbes

(Photo by Dylan Buell/Getty Images)
18. Neymar, soccer

Salary/Winnings: $15 million
Endorsements: $22 million
Total pay: $37 million

Source: Forbes

(Photo by David Ramos/Getty Images)
17. Tiger Woods, golf

Salary/Winnings: $107,000
Endorsements: $37 million
Total pay: $37.1 million

Source: Forbes

(Photo by Francois Nel/Getty Images)
16. Novak Djokovic, tennis

Salary/Winnings: $9.6 million
Endorsements: $28 million
Total pay: $37.6 million

Source: Forbes

(Photo by Aurelien Meunier/Getty Images)

15. Damian Lillard, basketball

Salary/Winnings: $24.4 million
Endorsements: $14 million
Total pay: $38.4 million

Source: Forbes

(Photo by Jonathan Ferrey/Getty Images)

14. Sebastian Vettel, auto racing

Salary/Winnings: $38 million
Endorsements: $500,000
Total pay: $38.5 million

Source: Forbes

(Photo by Marco Canoniero/LightRocket via Getty Images)
13. Russell Westbrook, basketball

Salary/Winnings: $26.6 million
Endorsements: $12 million
Total pay: $38.6 million

Source: Forbes

(Photo by Nathaniel S. Butler/NBAE via Getty Images)

12. Phil Mickelson, golf

Salary/Winnings: $3.5 million
Endorsements: $40 million
Total pay: $43.5 million

Source: Forbes

(Photo by Ian Johnson/Icon Sportswire via Getty Images)

11. Drew Brees, football

Salary/Winnings: $31.3 million
Endorsements: $14 million
Total pay: $45.3 million

Source: Forbes

(Photo by Maddie Meyer/Getty Images)

10. Lewis Hamilton, auto racing

Salary/Winnings: $38 million
Endorsements: $8 million
Total pay: $46 million

Source: Forbes

(Photo by Marco Canoniero/LightRocket via Getty Images)
9. James Harden

Salary/Winnings: $26.6 million
Endorsements: $20 million
Total pay: $46.6 million

Source: Forbes

(Photo by Rocky Widner/NBAE via Getty Images)
8. Stephen Curry, basketball

Salary/Winnings: $12.3 million
Endorsements: $35 million
Total pay: $47.3 million

Source: Forbes

(Photo by Ezra Shaw/Getty Images)
T-6. Rory McIlroy, golf

Salary/Winnings: $16 million
Endorsements: $34 million
Total pay: $50 million

Source: Forbes

(Photo by Sam Greenwood/Getty Images)
T-6. Andrew Luck, football

Salary/Winnings: $47 million
Endorsements: $3 million
Total pay: $50 million

Source: Forbes

(Photo by Zach Bolinger/Icon Sportswire via Getty Images)
5. Kevin Durant, basketball

Salary/Winnings: $26.6 million
Endorsements: $34 million
Total pay: $60.6 million

Source: Forbes

(Photo by Ezra Shaw/Getty Images)
4. Roger Federer, tennis

Salary/Winnings: $6 million
Endorsements: $58 million
Total pay: $64 million

Source: Forbes

(Photo credit should read MICHAEL BUHOLZER/AFP/Getty Images)
3. Lionel Messi, soccer

Salary/Winnings: $53 million
Endorsements: $27 million
Total pay: $80 million

Source: Forbes

(Photo credit should read LLUIS GENE/AFP/Getty Images)
2. LeBron James, basketball

Salary/Winnings: $31.2 million
Endorsements: $55 million
Total pay: $86.2 million

Source: Forbes

(Photo by Jesse D. Garrabrant/NBAE via Getty Images)
1. Cristiano Ronaldo

Salary/Winnings: $58 million
Endorsements: $35 million
Total pay: $93 million

Source: Forbes

(Photo by VI Images via Getty Images)
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The tournament's total prize money is significantly greater than those offered by the other three majors, which all have purses hovering around $40 million. Roger Federer won nearly $2.9 million for his victory at Wimbledon earlier this month.

The purse increase is particularly significant for the women's draws. Other professional sports, like golf and basketball, award their female athletes a mere fraction of what male stars earn, but Grand Slam tennis tournaments pay both sexes equally. This year's women's singles champion will earn nearly three times as much prize money as top-ranked LPGA golfer So Yeon Ryu did in all of 2016.

The US Open starts on August 28. Stan Wawrinka and Angelique Kerber will attempt to defend their titles -- this time, with even more money on the line.

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