There will be $5m more at stake for the winning team, while the overall prize pot has gone up 37 per cent from the $420m on offer at the 2010 finals in South Africa.
The runners-up will pocket $25m, with the third-placed side taking home $22m and the fourth-placed team will receive $20m.
All of the four teams eliminated in the quarter-finals will leave with $14m, while teams in the last 16 will receive $9m and those knocked out in the first round will get $8m.
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FIFA secretary general Jerome Valcke said: “There will also be awards of $70m for the clubs whose players are taking part in the World Cup and, in addition to that, $20m will be given as a legacy to Brazilian football.
“We will not wait for the start of the World Cup for that, those payments will start immediately and will rise to $100m in the future.”
Valcke confirmed the legacy money will be spent on the grassroots game in Brazil as well as education and health projects linked to football in the country.