German Chancellor Merkel and German President Gauck pose with the Germany's coach Loew and his players after Germany beat Argentina in the 2014 World Cup final at the Maracana stadium in Rio de JaneiroReuters

Now that the 2014 World Cup is finally over with Germany being crowned as champions and Argentina and Netherlands taking up the second and third place respectively, many people will wonder how the prize money will be distributed among the winners and the runners ups.

FIFA, who have already earned $4.5 billion from the competition in the form of revenue from broadcasters, sponsors, hospitality and licensing deals, will only be distributing a reported $400 million to the 32 national federations, who qualified for the 2014 World Cup finals.

Here is how the money is distributed:

The German federation (DFB) will be getting a cash prize of $35 million for winning the 2014 World Cup, $5 million more than what Spain got in 2010.

Runners up Argentina will be getting $25 million ($1 million more than 2010), while Netherlands (third place) and Brazil (fourth place) will be receiving $22 million and $20 million respectively.

Colombia, France, Costa Rica and Belgium, who were knocked out of the quarter-finals will be receiving a sum of $14 million each, while the sides eliminated from the last sixteen – Chile, Uruguay, Nigeria, Algeria, Mexico, Greece, Switzerland and United States – will be receiving $9 million each.

Finally the sides who were eliminated from the group stages itself receive a sum of $8 million.

The national federations have the liberty to distribute the money among its 23-man squad any way they want.

The German federation reportedly promised to pay all its players €300,000 if they won the 2014 World Cup. However, this sum is not much considering it is only a few weeks worth of wages for most of the players.

In addition to the above mentioned prize money, FIFAalso paid $1.5 million (an increase of $500,000 from the last World Cup) in advance to all the 32 teams so that they can prepare for the competitions by organising training camps, friendlies etc.

Finally clubs who have allowed their players to participate in the 2014 World Cup also receive some money from FIFA. The global football governing body pay $2,800 per day for any player who has been involved in the 2014 World Cup.