"This is one of the most significant advancements in the Tour's 44-year history" European Tour Chief Executive Keith Pelley.
The Nedbank Golf Challenge, hosted by Gary Player, is now one of US$57.5 million reasons for the world's best players to include it on their schedules.
The Sun City showpiece this year makes its debut on the European Tour's new Rolex Series – a premier category of the richest tournaments on the Tour.
Launched in 2017, the Rolex Series currently features eight elite tournaments each with a minimum prize fund of US$7 million.
The Nedbank Golf Challenge, hosted by Gary Player, offers the second biggest purse on the Rolex Series at US$7.5 million and after the US$8 million DP World Tour Championship.
The Rolex Series begins with the BMW PGA Championship in May and it also includes the HNA Open de France, the Dubai Duty Free Irish Open hosted by The Rory Foundation, the Aberdeen Asset Management Scottish Open, the Italian Open, the Turkish Airlines Open, the Nedbank Golf Challenge hosted by Gary Player, and the DP World Tour Championship.