Exploring the Wide Range of Prize Money in Chess Tournaments: From Local Events to Millions of Dollars

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The prize money for chess tournaments can vary widely, with some smaller local events offering just a few hundred dollars, while major international events can offer prizes in the millions of dollars.
The highest prize money ever offered in a chess tournament was the 2021 FTX Crypto Cup, which had a total prize fund of $320,000. The winner of the event, Magnus Carlsen, took home $100,000 in prize money.
Other major chess events with high prize funds include the World Chess Championship, which typically offers a prize fund of around $2 million, and the Grand Chess Tour, which has a total prize fund of $1.275 million spread across several events.

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