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Bella Nipotina has won the $20 million The Everest at Randwick, the world's richest race on turf.

Seven-year-old Bella Nipotina has become the first mare to win the $20 million The Everest (1200m), the world's richest race on turf, with a narrow but tough victory at Randwick.

Ridden by Craig Williams and trained by Ciaron Maher, Bella Nipotina was boldly taken forward from the widest gate of 12 on Saturday and raced three-wide throughout before hanging on for a gritty triumph.

The daughter of Pride Of Dubai fended off the challenge of five-year-old gelding Giga Kick - who Williams rode to victory in this race two years ago - winning by 0.12 lengths, or around half a head.

Third home was three-year-old colt Growing Empire, with three-year-old filly Lady Of Camelot fourth.

Bella Nipotina started at $9, and earned connections $7 million with the victory, taking her career earnings to more than $25m.

Giga Kick started at $14, with Growing Empire $9 and Lady Of Camelot $41.

The Everest was run for the first time as a Group 1, the official top-tier status that had been previously denied it since its inception in 2017 due to its novel slot race format.

It not only attracted its largest contingent of female runners - six of the 12 starters - but now has its first female winner, after no mare or filly had previously finished better than fifth.

Maher, who also trains Growing Empire, was emotional after his first win in the race, before a packed crowd at Randwick.

"She's a beautiful horse to train," he told Channel 7.

"She's been elite for the last five years and, yeah, it's unbelievable."

Godolphin colt Traffic Warden was a late scratching after becoming fractious in the starting gates.