Australia’s Richest Horse Races

Spring Carnival is here, which means the biggest races of the year are landing thick and fast over the next few weeks.

After counting down the best of the best in terms of racehorses, trainers and jockeys, we’re turning our attention to the races themselves.

Every race is worth winning, but there are some races that are more lucrative than others.

There are a few select races Down Under with a simply eye-watering prize pool. These are of course the richest races in Australia.

This list may surprise you; the most famous races aren’t necessarily the most lucrative. The order has shifted again, with a couple of Melbourne majors muscling their way into the conversation.

Which Australian race packs the biggest prize? Saddle up and find out, as we count down Australia’s richest horse races.

Australia's Richest Horse Races

5. Cox Plate - $6,000,000

Kicking off our countdown is the race that bills itself as Australia’s best.

The 106th running of the W.S. Cox Plate is set for Saturday, 24 October, headlined by a $6 million Group 1 purse. Run over 2040 metres under weight-for-age conditions, it’s open to three-year-olds and upwards, and it has a habit of crowning the genuine champions rather than the one-day wonders.

The twist this year is the postcode. For the first time in its history, the Cox Plate will be staged at Flemington while the redevelopment of Moonee Valley rolls on.

Purists will tell you it isn’t the same without the Valley’s tight turns and that unforgiving short straight. They’re probably right. The prize money, at least, hasn’t gone anywhere.

4. Caulfield Cup - $6,000,000

Up next is a race celebrating a serious milestone.

This year marks the 150th running of the Caulfield Cup, and the Melbourne Racing Club has lifted the prize money to match the occasion. Run over 2400 metres, it remains the world’s richest mile-and-a-half handicap.

The winner collects $3.3 million, but the more interesting change is further down the field. For the first time, every single starter gets paid, with horses outside the top 10 receiving $60,000 apiece.

That’s a nod to the small army of owners who spend a year getting a horse ready for a race like this and have historically gone home with nothing for the trouble.

Held on Saturday, 17 October, the Caulfield Cup is also the opening leg of the famous Spring Cups double and the ultimate lead-up to the big one.

3. Golden Eagle - $10,000,000

The eagle has landed at number three.

Only founded in 2019, the Golden Eagle is still new on the Australian racing scene, and boy did it know how to make an entrance. It now runs for $10 million, with 10 per cent of that going straight to the winning connections’ nominated charity.

It’s a set-weights affair over 1500 metres, restricted to four-year-olds only, which gives it a character you won’t find anywhere else on the calendar. Horses get exactly one crack at it in their lifetime.

The race moved from Rosehill to Royal Randwick to lift its profile within the Sydney spring, and this year’s edition on Saturday, 31 October carries Group 1 status for the first time.

Not bad for a race barely old enough to be in school.

2. Melbourne Cup - $10,000,000

The biggest race in all the land, but still not the richest.

Coming in at number two is “the race that stops a nation”, run on the first Tuesday of November at Flemington in front of a crowd that mostly couldn’t name a single runner.

First staged in 1861, the Cup is the richest two-mile handicap in the world, and the prize pool cracked $10 million for the first time in 2025. The winner takes home $4.5 million plus the famous three-handled gold trophy, while every runner from 13th to 24th now collects $100,000.

Widely considered the most prestigious race in Australia and one of the most famous anywhere on earth. Just not the one that pays the most.

1. The Everest - $20,000,000

Taking out top spot on the Australian racing rich list is the aptly named Everest.

Not just the richest race in Australia, The Everest is the world’s richest race on turf, with $20 million on offer at Royal Randwick on Saturday, 17 October.

The format is what sets it apart. Twelve starters line up over 1200 metres, with each horse nominated by a slot holder who has paid for the privilege of a starting position. No ballots, no handicapper, just 12 of the fastest sprinters going at it.

The inaugural running was held at Randwick in October 2017 with a $10 million purse. It has doubled since, and the race was elevated to Group 1 status in 2024, confirming what punters had already worked out for themselves.

A 1200-metre dash is now the showcase event of the entire Sydney spring, and far and away the richest race in Australian history.

Honourable Mentions

A $5 million prize pool used to be enough for a top-five berth. Not anymore.

The Queen Elizabeth Stakes at Randwick carries $5 million, while The Quokka at Ascot offers the same, the richest purse of any race in Western Australia.

Both are enormous days out. Both now sit outside the top five.

Need more of a horse racing fix heading into Spring Carnival? Why not check out our weekly racing tips from the team at Get On.