The Gold Coast will be the venue for Australia's richest race meeting with the 2016 Magic Millions day worth $10 million.

On Friday, Magic Millions managing director Vin Cox, Racing Queensland chairman Kevin Dixon and Queensland Racing Minister Steve Dickson announced a seven-year partnership which puts the Gold Coast's biggest day into the world's top 10.

The Magic Millions 2YO Classic for yearlings bought during 2014/15 Magic Millions sales will carry prize money of $2.5 million and the Guineas for three-year-olds doubles in value to $2 million.

The other million dollar races will be the Sprint, the Stayers Cup, the Trophy, the fillies and mares race and a race for QTIS bonus eligible horses.

The QTIS race is a new event but the other four races are on the existing schedule.

There will also be $250,000 races for a maiden and a country cup race.

Wild card entries into four of the million dollar races will be given to the eligible winners of four selected races during the summer, not necessarily Magic Millions sales graduates.

Cox said the the Friday's announcement was a game changer for racing in Queensland.

"The partnership with Racing Queensland is long-term, which invigorates thoroughbred racing for the current generation of industry stakeholders, as well as creating momentum and motivation for the next generation," Cox said.

Dixon said the prize money boost would set the bar in Australian racing, attracting the best horses and the attention of the racing world.

"This is a monumental day for the Queensland racing industry," he said.

Dickson said Magic Millions was already a huge contributor to the Gold Coast economy but the new partnership would deliver a significant boost to the state's racing and tourism industries.

The Magic Millions company is owned by Gerry Harvey and wife Katie Page-Harvey.