South Africa will host the joint-second richest golf tournament from 2013, but it won't have the World Golf Championship status initially promised by the country's national tour.
Organisers say the Tournament of Hope, with total prize money of $US8.5 million ($A8.25 million), will be staged in South Africa for 10 years.
The prize puts it ahead of all four majors and on a par with the money offered at the four WGC events.
Only the Players Championship is richer at $US9.5 million ($A9.22 million).
The new tournament is sanctioned by the International Federation of PGA Tours and South Africa's Sunshine Tour, but increases a cluttered end-of-season calendar.
The Sunshine Tour said last year it would be a new WGC event and offer prize money of $US10 million ($A9.70 million), making it the world's richest.