Magnetic particles can be uniformly fluidized by coupling the gas flow with an externally imposed magnetic field. Interparticle forces generated by the magnetic field cause aggregation of the particles in chain-like structures preferentially oriented along the magnetic field lines. In the present paper, we study the implications of the formation of these special types of aggregates on the empirical Richardson-Zaki (RZ) equation, originally proposed to describe the expansion of fluidized beds of non-aggregated particles. We have addressed two important issues, namely the flow regime,which is a function of the size of the aggregates, and the effect of shape and orientation of the chain-like aggregates with respect to gas flow on fluid drag. We propose a modified RZ equation (MRZE) in which the velocity scale, given by the terminal settling velocity of the individual aggregates, and the RZ exponent are predetermined as a function of the chain length. The chain length depends on the ratio of the magnetic energy to gravitational energy, and is estimated from the magnetic field intensity, and particle magnetization, size and density. Predictions of the MRZE are successfully compared with published results in the literature on the expansion of magnetic particles in the presence of externally applied magnetic fields.