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magnate (noun) rich and influential person, especially in business or industry.
A business magnate is a rich and influential businessperson. A shipping magnate is a rich and powerful head of a shipping company. 'Andrew Carnegie was a steel magnate.' This means that he was a very rich and powerful steel industrialist.
- The prosperous and industrial city was full of the palatial residences of magnates of various businesses and industries. Everyone of them was a millionaire and was known internationally.
- Thanks to the magnanimity of the steel magnate the city of Pittsburgh boasts of one of the greatest universities of the US, the Carnegie Mellon University. Carnegie, a powerful steel baron, believed in living rich and dying poor.