A business magnate, also known as an industrialist or tycoon, is a person who is a powerful

entrepreneur Entrepreneurship is the creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk (assumed by a traditional business), and potentially involving values besides simply economic ones. An entreprene ...

and

investor An investor is a person who allocates financial capital with the expectation of a future Return on capital, return (profit) or to gain an advantage (interest). Through this allocated capital the investor usually purchases some species of pr ...

who controls, through personal enterprise ownership or a dominant shareholding position, a firm or industry whose goods or services are widely consumed.

Etymology and history

The term ''

magnate The term magnate, from the late Latin ''magnas'', a great man, itself from Latin ''magnus'', "great", means a man from the higher nobility, a man who belongs to the high office-holders or a man in a high social position, by birth, wealth or ot ...

'' derives from the

Latin Latin ( or ) is a classical language belonging to the Italic languages, Italic branch of the Indo-European languages. Latin was originally spoken by the Latins (Italic tribe), Latins in Latium (now known as Lazio), the lower Tiber area aroun ...

word (plural of ), meaning 'great man' or 'great nobleman'. The term ''mogul'' is an English corruption of ,

Persian Persian may refer to: * People and things from Iran, historically called ''Persia'' in the English language ** Persians, the majority ethnic group in Iran, not to be conflated with the Iranic peoples ** Persian language, an Iranian language of the ...

Arabic Arabic (, , or , ) is a Central Semitic languages, Central Semitic language of the Afroasiatic languages, Afroasiatic language family spoken primarily in the Arab world. The International Organization for Standardization (ISO) assigns lang ...

for 'Mongol'. It alludes to emperors of the

Mughal Empire The Mughal Empire was an Early modern period, early modern empire in South Asia. At its peak, the empire stretched from the outer fringes of the Indus River Basin in the west, northern Afghanistan in the northwest, and Kashmir in the north, to ...

Early Modern India Anatomically modern humans first arrived on the Indian subcontinent between 73,000 and 55,000 years ago. The earliest known human remains in South Asia date to 30,000 years ago. Sedentism, Sedentariness began in South Asia around 7000 BCE; ...

, who possessed great power and storied riches capable of producing wonders of opulence, such as the

Taj Mahal The Taj Mahal ( ; ; ) is an ivory-white marble mausoleum on the right bank of the river Yamuna in Agra, Uttar Pradesh, India. It was commissioned in 1631 by the fifth Mughal Empire, Mughal emperor, Shah Jahan () to house the tomb of his belo ...

. The term ''tycoon'' derives from the

Japanese Japanese may refer to: * Something from or related to Japan, an island country in East Asia * Japanese language, spoken mainly in Japan * Japanese people, the ethnic group that identifies with Japan through ancestry or culture ** Japanese diaspor ...

word , which means 'great lord', used as a title for the . The word entered the English language in 1857 with the return of Commodore Perry to the United States. US President

Abraham Lincoln Abraham Lincoln (February 12, 1809 – April 15, 1865) was the 16th president of the United States, serving from 1861 until Assassination of Abraham Lincoln, his assassination in 1865. He led the United States through the American Civil War ...

was humorously referred to as ''the Tycoon'' by his aides

John Nicolay John George Nicolay (February 26, 1832 – September 26, 1901) was a German-born American author and diplomat who served as private secretary to U.S. President Abraham Lincoln and later, with John Hay, co-authored '' Abraham Lincoln: A History'', ...

and

John Hay John Milton Hay (October 8, 1838July 1, 1905) was an American statesman and official whose career in government stretched over almost half a century. Beginning as a Secretary to the President of the United States, private secretary for Abraha ...

. The term spread to the business community, where it has been used ever since.

Usage

Modern business magnates are entrepreneurs that amass on their own or wield substantial family fortunes in the process of building or running their own businesses. Some are widely known in connection with these entrepreneurial activities, others through highly-visible secondary pursuits such as

philanthropy Philanthropy is a form of altruism that consists of "private initiatives for the Public good (economics), public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private goo ...

, political fundraising and campaign financing, and sports team ownership or sponsorship. The terms ''mogul'', ''tycoon'', and ''baron'' were often applied to late-19th- and early-20th-century North American business magnates in

extractive industries Extractivism is the removal of natural resources particularly for export with minimal processing. This economic model is common throughout the Global South and the Arctic region, but also happens in some sacrifice zones in the Global North in E ...

such as

mining Mining is the Resource extraction, extraction of valuable geological materials and minerals from the surface of the Earth. Mining is required to obtain most materials that cannot be grown through agriculture, agricultural processes, or feasib ...

logging Logging is the process of cutting, processing, and moving trees to a location for transport. It may include skidder, skidding, on-site processing, and loading of trees or trunk (botany), logs onto logging truck, truckspetroleum Petroleum, also known as crude oil or simply oil, is a naturally occurring, yellowish-black liquid chemical mixture found in geological formations, consisting mainly of hydrocarbons. The term ''petroleum'' refers both to naturally occurring un ...

, transportation fields such as

shipping Freight transport, also referred to as freight forwarding, is the physical process of transporting commodities and merchandise goods and cargo. The term shipping originally referred to transport by sea but in American English, it has been ...

and

railroad Rail transport (also known as train transport) is a means of transport using wheeled vehicles running in railway track, tracks, which usually consist of two parallel steel railway track, rails. Rail transport is one of the two primary means of ...

s, manufacturing such as automaking and

steel Steel is an alloy of iron and carbon that demonstrates improved mechanical properties compared to the pure form of iron. Due to steel's high Young's modulus, elastic modulus, Yield (engineering), yield strength, Fracture, fracture strength a ...

making, in

banking A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

, as well as newspaper publishing. Their dominance was known as the

Second Industrial Revolution The Second Industrial Revolution, also known as the Technological Revolution, was a phase of rapid Discovery (observation), scientific discovery, standardisation, mass production and industrialisation from the late 19th century into the early ...

, the

Gilded Age In History of the United States, United States history, the Gilded Age is the period from about the late 1870s to the late 1890s, which occurred between the Reconstruction era and the Progressive Era. It was named by 1920s historians after Mar ...

, or the Robber Baron Era. Examples of business magnates in the western world include historical figures such as pottery entrepreneur

Josiah Wedgwood Josiah Wedgwood (12 July 1730 – 3 January 1795) was an English potter, entrepreneur and abolitionist. Founding the Wedgwood company in 1759, he developed improved pottery bodies by systematic experimentation, and was the leader in the indu ...

, oilmen

John D. Rockefeller John Davison Rockefeller Sr. (July 8, 1839 – May 23, 1937) was an American businessman and philanthropist. He was one of the List of richest Americans in history, wealthiest Americans of all time and one of the richest people in modern hist ...

and Fred C. Koch, automobile pioneer

Henry Ford Henry Ford (July 30, 1863 – April 7, 1947) was an American Technological and industrial history of the United States, industrialist and business magnate. As the founder of the Ford Motor Company, he is credited as a pioneer in making automob ...

, aviation pioneer

Howard Hughes Howard Robard Hughes Jr. (December 24, 1905 – April 5, 1976) was an American Aerospace engineering, aerospace engineer, business magnate, film producer, and investor. He was The World's Billionaires, one of the richest and most influential peo ...

, shipping and railroad veterans

Aristotle Onassis Aristotle Socrates Onassis (, ; , ; 20 January 1906 – 15 March 1975) was a Greek and Argentine business magnate. He amassed the world's largest privately-owned shipping fleet and was one of the world's richest and most famous men. He was marri ...

Cornelius Vanderbilt Cornelius Vanderbilt (May 27, 1794 – January 4, 1877), nicknamed "the Commodore", was an American business magnate who built his wealth in railroads and shipping. After working with his father's business, Vanderbilt worked his way into lead ...

Leland Stanford Amasa Leland Stanford (March 9, 1824June 21, 1893) was an American attorney, industrialist, philanthropist, and Republican Party (United States), Republican Party politician from Watervliet, New York. He served as the eighth governor of Calif ...

Jay Gould Jason Gould (; May 27, 1836 – December 2, 1892) was an American railroad magnate and financial speculator who founded the Gould family, Gould business dynasty. He is generally identified as one of the Robber baron (industrialist), robber bar ...

and

James J. Hill James Jerome Hill (September 16, 1838 – May 29, 1916) was a Canadian-American railway director. He was the chief executive officer of a family of lines headed by the Great Northern Railway, which served a substantial area of the Upper Midwest ...

, steel innovator

Andrew Carnegie Andrew Carnegie ( , ; November 25, 1835August 11, 1919) was a Scottish-American industrialist and philanthropist. Carnegie led the expansion of the History of the iron and steel industry in the United States, American steel industry in the late ...

, newspaper publisher

William Randolph Hearst William Randolph Hearst (; April 29, 1863 – August 14, 1951) was an American newspaper publisher and politician who developed the nation's largest newspaper chain and media company, Hearst Communications. His extravagant methods of yellow jou ...

, poultry entrepreneur

Arthur Perdue Arthur W. Perdue (1885–1977) was an American businessman and the founder of Perdue Farms along with his wife Pearl in 1920. The business was started in his backyard, and at the time only produced table eggs from chickens, but eventually grew in ...

, retail merchant

Sam Walton Samuel Moore Walton (March 29, 1918 – April 5, 1992) was an American business magnate best known for Co-founding the retailers Walmart and Sam's Club, which he started in Rogers, Arkansas, and Midwest City, Oklahoma, in 1962 and 1983 res ...

, and bankers

J. P. Morgan John Pierpont Morgan Sr. (April 17, 1837 – March 31, 1913) was an American financier and investment banker who dominated corporate finance on Wall Street throughout the Gilded Age and Progressive Era. As the head of the banking firm that ...

and

Mayer Amschel Rothschild Mayer Amschel Rothschild (23 February 1744 – 19 September 1812; also spelled ''Anschel'') was a German-Jewish banker and the founder of the Rothschild family, Rothschild banking dynasty. Referred to as a "founding father of international fin ...

. Contemporary industrial tycoons include e-commerce entrepreneur

Jeff Bezos Jeffrey Preston Bezos ( ;; and Robinson (2010), p. 7. ; born January 12, 1964) is an American businessman best known as the founder, executive chairman, and former president and CEO of Amazon, the world's largest e-commerce and clou ...

, investor

Warren Buffett Warren Edward Buffett ( ; born August 30, 1930) is an American investor and philanthropist who currently serves as the chairman and CEO of the conglomerate holding company Berkshire Hathaway. As a result of his investment success, Buffett is ...

, computer programmers

Bill Gates William Henry Gates III (born October 28, 1955) is an American businessman and philanthropist. A pioneer of the microcomputer revolution of the 1970s and 1980s, he co-founded the software company Microsoft in 1975 with his childhood friend ...

and

Paul Allen Paul Gardner Allen (January 21, 1953 – October 15, 2018) was an American businessman, computer programmer, and investor. He co-founded Microsoft, Microsoft Corporation with his childhood friend Bill Gates in 1975, which was followed by the ...

, technology innovator

Steve Jobs Steven Paul Jobs (February 24, 1955 – October 5, 2011) was an American businessman, inventor, and investor best known for co-founding the technology company Apple Inc. Jobs was also the founder of NeXT and chairman and majority shareholder o ...

, vacuum cleaner retailer Sir

James Dyson Sir James Dyson (born 2 May 1947) is a British inventor, industrial designer, farmer, and business magnate who founded the Dyson company. He is best known as the inventor of the bagless vacuum cleaner, which works on the principle of cyclonic ...

, media proprietors

Sumner Redstone Sumner Murray Redstone ( Rothstein; May 27, 1923 – August 11, 2020) was an American billionaire businessman and media magnate. He was the founder and chairman of the second incarnation of Viacom, chairman of CBS Corporation (both companies m ...

Ted Turner Robert Edward Turner III (born November 19, 1938) is an American entrepreneur, television producer, media proprietor, and Philanthropy, philanthropist. He founded the CNN, Cable News Network (CNN), the first 24-hour United States cable news, ...

and

Rupert Murdoch Keith Rupert Murdoch ( ; born 11 March 1931) is an Australian - American retired business magnate, investor, and media mogul. Through his company News Corp, he is the owner of hundreds of List of assets owned by News Corp, local, national, a ...

, industrial entrepreneur

Elon Musk Elon Reeve Musk ( ; born June 28, 1971) is a businessman. He is known for his leadership of Tesla, SpaceX, X (formerly Twitter), and the Department of Government Efficiency (DOGE). Musk has been considered the wealthiest person in th ...

, steel investor

Lakshmi Mittal Lakshmi Niwas Mittal (; born 15 June 1950 in Sadulpur, Rajasthan, Sadulpur, Rajasthan, India) is an Indian steel magnate, based in the United Kingdom. He is the executive chairman of ArcelorMittal, the world's second largest steelmaking company ...

, telecommunications investor

Carlos Slim Carlos Slim Helú (; born 28 January 1940) is a Mexican business oligarch, investor, and philanthropist. From 2010 to 2013, Slim was ranked as the richest person in the world by ''Forbes'' business magazine. He derived his fortune from his e ...

, Virgin Group founder Sir

Richard Branson Sir Richard Charles Nicholas Branson (born 18 July 1950) is an English business magnate who co-founded the Virgin Group in 1970, and controlled 5 companies remaining of once more than 400. Branson expressed his desire to become an entrepreneu ...

, Formula 1 executive

Bernie Ecclestone Bernard Charles Ecclestone (born 28 October 1930) is a British business magnate, motorsport executive and former racing driver. Widely known in journalism as the "F1 Supremo", Ecclestone founded the Formula One Group in 1987, controlling the c ...

, and internet entrepreneurs

Larry Page Lawrence Edward Page (born March 26, 1973) is an American businessman, computer engineer and computer scientist best known for co-founding Google with Sergey Brin. Page was chief executive officer of Google from 1997 until August 2001 when ...

and

Sergey Brin Sergey Mikhailovich Brin (; born August 21, 1973) is an American computer scientist and businessman who co-founded Google with Larry Page. He was the president of Google's parent company, Alphabet Inc., until stepping down from the role on D ...

Business magnates

File:Portrait of Josiah Wedgwood gupjg13 4 ics8nad.tiff,

File:Samuel Slater industrialist.jpg,

Samuel Slater Samuel Slater (June 9, 1768 – April 21, 1835) was an early English-American industrialist known as the "Father of the American Industrial Revolution", a phrase coined by Andrew Jackson, and the "Father of the American Factory System". In the ...

File:James Finlayson (1771-1852).jpg, James Finlayson File:Cornelius Vanderbilt Daguerrotype2.jpg,

File:JNTata.jpg,

Jamsetji Tata Jamsetji Nusserwanji Tata (3 March 1839 – 19 May 1904) was an Indian industrialist and philanthropist who founded the Tata Group, India's largest conglomerate. He established the city of Jamshedpur. Born into a Zoroastrian Parsi family in ...

File:Henry John Heinz by the Pach Brothers Studio, c. 1914, gelatin silver print, from the National Portrait Gallery - NPG-NPG 93 388 14.jpg, Henry J. Heinz File:Portrait of 49-year-old John D. Rockefeller.jpg,

File:JohnPierpontMorgan.png,

File:HearstAbout1910.jpg,

File:Asa G. C..jpg,

Asa Griggs Candler Asa Griggs Candler Sr. (December 30, 1851 – March 12, 1929) was an American business tycoon and politician who in 1888 purchased the Coca-Cola recipe for $238.98 () from chemist John Stith Pemberton in Atlanta, Georgia. Candler founded the ...

File:Andrew-carnegie-portrait-pd.png,

File:Henry ford 1919.jpg,

File:Kreuger ca1920.jpg,

Ivar Kreuger Ivar Kreuger (; 2 March 1880 – 12 March 1932) was a Swedish civil engineer, financier, entrepreneur and industrialist. In 1908, he co-founded the construction company Kreuger & Toll Byggnads AB, which specialized in new building techniques. B ...

File:Howard Hughes.jpg,

File:Dhirubhai Ambani 2002 stamp of India.jpg, alt=Dhirubhai Ambani,

Dhirubhai Ambani Dhirajlal Hirachand "Dhirubhai" Ambani (28 December 1932 – 6 July 2002) was an Indian billionaire businessman who founded Reliance Industries in 1958. Ambani took Reliance public in 1977. In 2016, he was honoured posthumously with the Padma ...

File:Sam-Walton.jpg,

File:Warren Buffett at the 2015 SelectUSA Investment Summit (cropped).jpg,

File:Ted Turner at the LBJ Foundation.jpg,

File:Rupert Murdoch - Flickr - Eva Rinaldi Celebrity and Live Music Photographer.jpg,

File:Richard Branson March 2015 (cropped).jpg,

File:Li Ka Shing.jpg,

Li Ka-shing Sir Ka-shing Li (; born 29 July 1928) is a Hong Kong billionaire business magnate, investor, and philanthropist. He is the senior advisor for CK Hutchison Holdings and CK Asset Holdings, after he retired from the Chairman of the Board in May ...

File:Bill Gates 2018.jpg,

File:Paul G. Allen (cropped).jpg,

File:Steve Jobs Headshot 2010-CROP (cropped 2).jpg,

File:Lakshmi Mittal LM.jpg,

File:Larry Ellison picture.png,

Larry Ellison Lawrence Joseph Ellison (born August 17, 1944) is an American businessman and entrepreneur who co-founded software company Oracle Corporation. He was Oracle's chief executive officer from 1977 to 2014 and is now its chief technology officer a ...

File:Carlos Slim (45680472234) (cropped).jpg,

File:Mike Bloomberg Headshot (cropped).jpg,

Michael Bloomberg Michael Rubens Bloomberg (born February 14, 1942) is an American businessman and politician. He is the majority owner and co-founder of Bloomberg L.P., and was its CEO from 1981 to 2001 and again from 2014 to 2023. He served as the 108th mayo ...

File:Bernard Arnault (2) - 2017 (cropped).jpg,

Bernard Arnault Bernard Jean Étienne Arnault (; born 5 March 1949) is a French businessman, investor, and art collector. He is the founder, chairman and CEO of LVMH, the world's largest luxury goods company. Arnault is one of the richest individuals in the ...

File:Jeff Bezos at Amazon Spheres Grand Opening in Seattle - 2018 (39074799225) (cropped).jpg,

File:Elon Musk 2015.jpg, alt=Elon Musk,

File:Larry Page in the European Parliament, 17.06.2009 (cropped).jpg,

File:Sergey Brin cropped.jpg,

File:Mark Zuckerberg F8 2019 Keynote (32830578717) (cropped).jpg,

Mark Zuckerberg Mark Elliot Zuckerberg (; born May 14, 1984) is an American businessman who co-founded the social media service Facebook and its parent company Meta Platforms, of which he is the chairman, chief executive officer, and controlling sharehold ...

References

External links

* * * {{Authority control

Magnate The term magnate, from the late Latin ''magnas'', a great man, itself from Latin ''magnus'', "great", means a man from the higher nobility, a man who belongs to the high office-holders or a man in a high social position, by birth, wealth or ot ...

Business terms Management occupations Social classes

Etymology and history

Usage

Business magnates

See also

References

External links