Wimbledon prize money increased by 5 percent for 2016

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Prize money at Wimbledon is increasing 5 percent this year, with the men's and women's singles champions to receive 2 million pounds ($2.9 million).

Organizers announced Tuesday that total prize money for the grass-court Grand Slam is going up to 28.1 million pounds ($40 million).

The prize for the singles champions has been raised by 6.4 percent, or 120,000 pounds ($175,000).

Last year, Novak Djokovic and Serena Williams each collected 1.88 million pounds ($2.74 million).

Over the past five years, total prize money has gone up 92 percent.

The 130th edition of the tournament will be played at the All England Club from June 27-July 10.