Meaning of the word magnate in English

What does magnate mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

magnate

US /ˈmæɡ.nət/
UK /ˈmæɡ.nət/
"magnate" picture

Noun

a person of great wealth, influence, or power in a particular business or industry

Example:
The oil magnate donated millions to the university.
He became a powerful shipping magnate in the late 19th century.