Italy, who won the tournament in 2006, failed to make it to the tournament after a shock defeat to Sweden in the qualifiers.
The competition’s winning team will receive £28 million in prize money from FIFA, with 2nd, 3rd and 4th place teams receiving £21million, £18million and £16million respectively.
This means for World Cup winners, each player in the 23 man squad would pocket a cool £1.2million.
It isn’t all lost for those who have failed to get past the group stages, however, with teams failing to progress receiving £6.1million.
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Any team eliminated from the round 16 stage will receive £9.1million, with all World Cup teams given £1.1million to prepare for the tournament.
England’s team is packed with strong Premier League players, with captain Harry Kane scoring five goals in the tournament so far.
The top England Premier League players have salaries to match, with the 23 man squad’s weekly earnings adding up to a staggering £2,095,000.
Kane is the most played footballer in the England squad, earning a hefty £200,000 per week playing for Tottenham Hotspur.
The England squad reportedly donate their international earnings to charity (Image: GETTY)
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Closely following Kane is Manchester City’s Raheem Sterling who earns £175,000 per week.
On the lower end of the scale are Liverpool’s Trent Alexander-Arnold who receives £40,000 per week and Nick Pope, whose weekly wages at Burnley are £25,000.
England players are also given a salary by the English Football Association (FA) for playing in international tournaments, although this is significantly less than a Premier League age.
Usually, England players receive around £1,500 for a winning match/qualifier/friendly, £1,000 for a draw and £500 for a defeat.
Harry Kane nets a staggering £200,000 a week playing for Tottenham Hotspur (Image: GETTY)
This rate increases for competitions like the World Cup, however, the England squad have a history of donating this to charity.
One such charity that benefits from the players' donations is the England Footballers Foundation support Cancer Research.
FA chief Martin Glenn previously disclosed that England players don’t pocket earnings when playing for their country.
He said: "I get absolutely indignant about the suggestion that players when they play for England, don't really care because it's not anything like my experience.
"They don't take a penny in match fees, they give it to charity."
Here is the full list of Premier League weekly salaries of England players: