A total of 7,194,000 US dollars in prize money will be paid out at the IAAF World Championships to the leading athletes and teams in the 47 events being contested.

The championships, which is the 15th edition, are holding from Aug. 22 to Aug. 30 in Beijing, China.

According to IAAF, the prize money will be won in individual events, with prizes ranging from 4,000 dollars to 60,000 dollars from the eighth-placed competitor to the overall winner.

In a statement on its website on Friday, the athletics governing body said also that prize money will be won in team events, with prizes ranging from 4,000 dollars.

It will graduate to 80,000 dollars from the eighth-placed competitors to the overall winners

In addition, the IAAF will present its World Record Programme, with athletes achieving a world record being eligible for a special world record bonus worth 100,000 dollars.

The World Records Programme is presented with the support of Official IAAF Partners TDK (men’s events) and Toyota (women’s events).

IAAF added that a winner’s performance must however be an improvement on the existing world record.

“Performances which equal the existing record will not be eligible for an award.

“Also, the payment of prize money and bonuses is dependent upon athletes clearing the usual anti-doping procedures,’’ it added.

Below is the breakdown of the prize money:

Individual Events

Gold: 60,000 dollars

Silver: 30,000 dollars

Bronze: 20,000 dollars

Fourth place: 15,000 dollars

Fifth place: 10,000 dollars

Sixth place: 6,000 dollars

Seventh place: 5,000 dollars

Eighth place: 4,000 dollars

Relays (per team)

Gold: 80,000 dollars

Silver: 40,000 dollars

Bronze: 20,000 dollars

Fourth place: 16,000 dollars

Fifth place: 12,000 dollars

Sixth place: 8,000 dollars

Seventh place: 6,000 dollars

Eighth place: 4,000 dollars