Horse racing stands among the most majestic and timeless sports in the world. Known as The Sport of Kings, it has captivated empires and dynasties for centuries – a 2016 archaeological dig in Turkey unearthed a 2,000-year-old tablet featuring horse racing rules – offering a unique blend of prestige, heritage, and glamour.
However, beneath the pageantry lies a highly competitive global circuit – one where the stakes are measured not just in honour, but in millions of dollars. From Dubai to Australia, the world’s most lucrative races attract the finest horses, jockeys, trainers, and owners, all vying for glory on the grandest stages. Below, we explore five of the richest horse races in the world – events where reputations, and fortunes, can be made.
Dubai Sheema Classic – US$6m
Held annually at the Meydan Racecourse – and run on Dubai World Cup Night – the Dubai Sheema Classic has quickly become one of the highlights of the racing calendar. First run in 1998 under the ‘Dubai Turf Classic’ name, the race under its current guise came into being at the turn of the century and is run over a distance of 1 ½ miles (2,400 metres).
The Dubai Sheema Classic has been a Group 1 race since 2002 and was previously run at the Nad Al Sheba course, before moving to its current home in 2010 – always attracting an extremely strong field.
Thoroughbred racing first came to prominence in Dubai in the early 1980s under the guidance of forward-thinking ruler His Highness Sheikh Mohammed bin Rashid al Maktoum, whose wish was to develop the Emirates as a global racing hub. His dream was realised in 1996 when the city hosted the first Dubai World Cup, two years before the Dubai Sheema Classic was first run.
These days, the race is one of the richest in the world, offering a purse of US$6m. The speed record is held by Japanese stand-out, Equinox, who won the 2023 iteration, while Godolphin – the Maktoum family's private thoroughbred horseracing stable – hold the record for most wins, with seven.
Golden Eagle – US$6.4m
A race exclusively for 4-year-olds, the Golden Eagle represents one of the younger races on the global racing calendar, having been inaugurated in 2019. Just a year later, the future of the race was thrown into jeopardy by the onset of the COVID-19 pandemic. However, increased investment in horse racing – driven by Australia’s rising reputation for producing high-quality Thoroughbred horses – has helped the industry rebound. Today, it is experiencing a period of unprecedented growth.
Designed to incentivise owners to keep racing their colts into their four-year-old season, Golden Eagle is run at Rosehill Racecourse in Sydney on the last Saturday of October over a distance of 7 ½ furlongs (1,500 metres) – under set weight conditions.
The race is a follow-on from the Golden Slipper – for two-year-olds – as well as the Golden Rose – for three-year-olds – run over six and seven furlongs respectively. If a horse manages to win all three ‘Golden’ races, they would complete the ‘Golden Slam’ and be rewarded with a US$3.2m bonus – although thus far no horse has completed the prestigious trio of wins.
At US$6.4m, the Golden Eagle is the third richest turf race in the world and a real sign of just how far horse racing has developed Down Under.
Dubai World Cup – US$12.6m
Another Emirati entry and the highlight of Dubai World Cup Night, this race features as the last race of the evening. As old as the event itself, it has been in existence since the meeting first became a reality in 1996.
Raced over 10 furlongs (2,000 metres), the race is open to Northern Hemisphere thoroughbred four-year-olds or Southern Hemisphere thoroughbred three-year-olds (Northern Hemisphere horses officially turn one year old on January 1st of the year following their birth, while Southern Hemisphere horses turn one year old on August 1st) and is part of one of the richest race meetings on earth. Carrying a purse of US$12.6m, the race was at one point the richest in the world but has since been overtaken.
Held on a dirt surface, the race attracts American participants due to their tendency to race on dirt tracks in the USA – the 2006 iteration was also the first race in history to be broadcast on national TV in the USA. With Irish-bred Thunder Show holding the course record of 2:01.38 (dirt) and Godolphin, once again, holding the record wins for an owner (9), legendary jockey Frankie Dettori shares the record with Jerry Bailey for most successful jockey of this prestigious race, with four.
The Everest – US12.8m
The world’s most valuable turf race, The Everest is truly incomparable. Between 2017 and 2023, it was classified as a Special Conditions class race, but in 2024 it was promoted to Group 1 status.
Held every October as the feature race of the Sydney Spring Carnival, the event has an unusual structure. 12 slots are sold for US$450,000, but the slot is not tethered to a particular horse – allowing the slot owner to sell, lease or race their own horse in the spot. This unique approach adds an element of intrigue to the weeks and months leading up to the race, with speculation as to who may compete intensifying as the race looms.
Featuring the world’s greatest sprinters, The Everest is run over 6 furlongs (1,200 metres) – a quick dash in just over a minute. The record time of the race – 1:07.32 is held by retired Australian thoroughbred Yes, Yes, Yes, who comes from a long and storied line of champion horses.
Offering US$12.8m in prize money, the run is modelled on the Pegasus World Cup in the USA and is regarded as the benchmark for sprinters around the world.
Saudi Cup – US$20m
The richest horse race in the world is the Saudi Cup, held annually in Riyadh, Saudi Arabia. Run at the King Abdulaziz Racetrack, the 2024 event was the most valuable horseracing event ever held with a total prize pot of $37.6 million – $20 million of which went directly to the winner, Senor Buscador, owned by Sharaf Al Hariri.
The race itself – held a few weeks before the Dubai World Cup (which allows horses to compete in both races) – was awarded Group 1 status shortly before the 2022 edition of the race, representing a rapid ascent on the global scene after only being inaugurated in 2020.
A thoroughbred flat race, American horses have dominated the event across its short history so far, winning three of the six races. The record time, however, is held by Yoshito Yahago-trained Japanese colt, Forever Young, who registered a blistering time of 1:49.099 at the 2025 event.
The 9-furlong (1,800-metre) race has attracted increasing scrutiny in recent years, as Saudi Arabia continues to expand its presence in the global sporting arena with considerable impetus. However, given the Kingdom's transformative impact across multiple sports – including high-profile developments in golf and boxing – its influence on horse racing is becoming increasingly difficult to overlook.
In recent years, the world of horse racing has experienced significant transformation. No longer dominated solely by traditional powerhouses such as Britain and the United States, the sport has seen an interesting shift. Emerging racing hotspots in the Middle East and Australia have taken up the mantle, introducing prestigious new races and providing the industry with a – some might say much-needed – renewed energy and global appeal.
