For a class of frustrated spin lattices including the kagomé lattice we construct exact eigenstates consisting of several independent, localized one-magnon states and argue that they are ground states for high magnetic fields. If the maximal number of local magnons scales with the number of spins in the system, which is the case for the kagomé lattice, the effect persists in the thermodynamic limit and gives rise to a macroscopic jump in the zero-temperature magnetization curve just below the saturation field. The effect decreases with increasing spin quantum number and vanishes in the classical limit. Thus it is a true macroscopic quantum effect.In frustrated quantum spin lattices the competition of quantum and frustration effects promises rich physics. A reliable description of such systems often constitutes a challenge for theory. A famous example is the kagomé lattice antiferromagnet. In spite of extensive studies during the last decade its ground state properties are not fully understood yet. Classically it has infinite continuous degeneracies. In the quantum case (s=1/2), the system is likely to be a spin liquid with a gap for magnetic excitations and a huge number of singlet states below the first triplet state (see [1,2,3] and references therein).In this Letter we will focus on the zero-temperature magnetic behavior of highly frustrated lattices, in particular for high magnetic fields. One aspect is given by the observation of nontrivial magnetic plateaus in frustrated two dimensional (2D) quantum antiferromagnets like SrCu 2 (BO 3 ) [4,5], which has stimulated theoretical interest (see e.g. [6]). Also the kagomé lattice has a plateau at one third (m = 1/3) of the saturation magnetization [7,8]. Since this plateau can be found also in the Ising model and in the classical Heisenberg model with additional thermal fluctuations [9] it can be considered to be of classical origin. However, the structure of the ground state in the classical model is highly non-trivial at m = 1/3 [10] and has not been clarified yet for the quantum model.Another aspect is given by unusual jumps seen in magnetization curves. Such jumps can arise for different reasons. One possibility is a first-order transition between different ground states like the spin flop transition in classical magnets or in strongly anisotropic quantum chains [11]. Here we discuss another possibility, namely a macroscopically large degeneracy in the exact ground states of the full quantum system for a certain value of the applied field. We argue that this is a general phenomenon in highly frustrated systems. This is remarkable in so far as one can exactly write down ground states at a finite density of magnons in a strongly correlated system which is neither integrable, nor has any apparent non-trivial conservation laws. Such jumps represent a genuine macroscopic quantum effect which is also of possible experimental relevance since it occurs in many wellknown models like the kagomé lattice. This jump occurs just below saturation and should be observable in...