The International Cricket Council (ICC) announced on Thursday that it will distribute equal prize money to men's and women's teams from now on at its events.
In a statement, the governing body said teams at events such as the T20 and one-day international World Cups will receive equal prize money for both their finishing position in the tournament and winning a match at those events.
"This is a significant moment in the history of our sport," said ICC chair Greg Barclay.
"I am delighted that men's and women's cricketers competing at ICC global events will now be rewarded equally."
Prize money at the last men's 50-over World Cup in 2019 totalled $10 million, nearly three times the $3.5 million on offer at the 2022 women's World Cup.
Football's governing body FIFA has come under fire for not introducing equal prize money at its World Cups.
The $152 million in prize money and player participation fees on offer at the upcoming women's football World Cup is still a fraction of the $440 million handed out to national associations at the 2022 World Cup in Qatar.