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In last year’s women’s wheelchair race, Maddison de Rosario won for the second time over Manuela Char in a sprint finish.
The London Marathon will be the first marathon in the world to offer equal prize money for wheelchair and able-bodied races.
The $54,500 (£43,000) increase brings the wheelchair award to $308,000 (£243,000), in line with the amount available to able-bodied athletes.
All winners of this year’s London Marathon elite race will receive $55,000 (£43,500).
The 2024 London Marathon will take place on Sunday 21st April.
The London Marathon wheelchair race was already the richest in the world, with Switzerland’s Marcel Hug and Australia’s Madison de Rosario winning the race five times last year.
Hugh Brasher, London Marathon event director, said: “We are delighted to be able to continue our commitment to disability sport with this ground-breaking move which will see elite athletes in wheelchairs receive exactly the same prize money as elite able-bodied athletes. I think so,” he said.
“We have made great progress in recent years towards our goal of making the London Marathon the most diverse and fair marathon in the world, and this is another important step towards achieving that goal.”
In the men’s race, British wheelchair racing legend David Weir, who has won a total of eight times and is the most decorated man in the history of the event, will be running his 25th consecutive London Marathon.
The 44-year-old, who finished fifth last year, said: “This is a very exciting year for me and for wheelchair racing. Once again, the London Marathon has set a similar standard across the racing sector. ” he said.
“This is a huge benchmark for disability sport and I hope other races and sporting bodies take note.”
In the men’s race, Hug will be aiming for his fourth straight victory in London, but will also face strong rivals such as American Daniel Romanchuk and Dutchman Jetse Pratt.
The last four winners of the women’s race will all return in 2024, with reigning champion De Rosario taking on Catherine Debrunner of Switzerland, Manuela Schaal and Nikita den Boer of the Netherlands.
They will be joined by 22-year-old Eden Rainbow Cooper, who finished third in 2022 and became the first British rider to finish seventh last year.
The able-bodied elite spots for men and women will be announced on Monday.