In this paper, we consider some frustrated spin models for which the ground states are known exactly. The concurrence, a measure of the amount of entanglement can be calculated exactly for entangled spin pairs. Quantum phase transitions involving macroscopic magnetization changes at critical values of the magnetic field are accompanied by macroscopic jumps in the (T=0) entanglement. A specific example is given in which magnetization plateaus give rise to a plateau structure in the amount of entanglement associated with nearest-neighbour bonds. We further show that macroscopic entanglement changes can occur in quantum phase transitions brought about by the tuning of exchange interaction strengths.