noun
magnate
MAG-nayt/ˈmæɡneɪt/
A wealthy and powerful businessperson.
The magnate directs an industrial expansion from the head of the table.
Etymology
The Latin “great person” was someone of high rank or power: greatness meant social importance. The business sense applies that importance to leaders distinguished by wealth and influence.
In context
if I am a coal magnate who's essentially giving $100 million to a political party and that political party when when it comes to power decides to drop all coal regulations, I can connect the dots
More examples
- A media magnate bought the newspaper.
- The magnate funded a new hospital wing.
- Several business magnates attended the conference.
Forms
magnate · magnates
Similar words
- tycoon
- Both describe powerful businesspeople; magnate is somewhat more formal.
- entrepreneur
- An entrepreneur starts or organizes a business; a magnate has already acquired considerable wealth or power.