Preheat the oven to 325 degrees F (165 degrees C). Grease and flour a 12-cup fluted tube pan (such as Bundt®).
Place sugar and butter in a large mixing bowl. Cream together using an electric mixer fitted with a paddle attachment, or a hand mixer, on medium speed, until light and fluffy, about 5 minutes. Add eggs one at a time, beating for 45 seconds after each addition. Add vanilla extract and beat for 30 seconds.
Combine flour, baking powder, salt, and nutmeg in a medium bowl. Add 1/2 of the dry ingredients to the butter and egg mixture, mixing on low speed, until just blended. Add 1/2 cup milk and beat on low speed until just blended. Scrape the sides of the bowl with a spatula between each addition. Repeat with remaining dry ingredients and milk.
Pour batter into the prepared baking pan, filling no more than 2/3 full. Smooth the top with a spoon or a spatula.
Bake in the preheated oven until a toothpick inserted into the center comes out clean and the cake is just starting to pull away from the sides of the pan, about 1 hour and 25 minutes. Remove from the oven and allow to cool for about 15 minutes before inverting onto a plate. Allow to cool completely before serving.
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