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From Longman Dictionary of Contemporary Englishmagnatemag‧nate /ˈmæɡneɪt, -nət/ noun [countable]  RICHa rich and powerful person in industry or business syn tycoonsteel/oil/shipping etc magnate a powerful media magnate
Examples from the Corpus
magnateFoundations set up by magnates such as Carnegie and Rockefeller provided most of the funding for the arts in the US.Both were his colleagues amongst the seven original confederate magnates.John Fitzgeoffrey was evidently a man of considerable parts, respected both by his fellow magnates and by the king.Inevitably the interests of individual magnates varied.Both history and literature are full of stories of men who metamorphosed into magnates because they controlled some scarce factor of production.newspaper magnate William Randolph HearstMiss Hinkle was always trying to make me an office magnate, dictating letters and answering telephone calls.She married a Texan oil magnate.Bloomwater's present owner was a more prosaic figure, Sir Lionel Newman, the paper magnate.the property magnate who owns the Empire State Buildingsteel/oil/shipping etc magnateSukarno became fascinated by Hartini, wife of an oil magnate.
From Longman Business Dictionarymagnatemag‧nate /ˈmægneɪt, -nət/ noun [countable] a very powerful and rich person who owns a large company or group of companiesthe media magnate Rupert Murdoch
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