Jurgen Klopp’s men defeated Brazilian side Flamengo to the title thanks to an extra time goal from Roberto Firmino.
Both sides failed to score in the normal 90 minutes of play.
This is the first time Liverpool will be winning the trophy in their history.
Liverpool had already picked up £16 million for winning the UEFA Champions League and collected £4 million for their UEFA Super Cup victory earlier this season against Chelsea.
The Reds will now turn their attention to maintaining their lead in the English Premier League.
The Anfield club will take on Leicester City in their next Premier League fixture on Thursday.