A 'business magnate', sometimes referred to as a 'mogul', 'tycoon', 'baron', or 'industrialist', is a person who has reached a prominent place in a particular industry (or set of industries) and whose wealth has been derived primarily therefrom. Such people usually amass substantial fortunes in the process, and tend to become widely known in connection with their business(es) or through other pursuits such as
philanthropy.
Examples of well-known business magnates include
newspaper magnate
William Randolph Hearst of the
Hearst Corporation,
oil magnate
John D. Rockefeller of
Standard Oil,
steel magnate
Lakshmi Niwas Mittal of
Mittal Steel, and
software magnate
Bill Gates of
Microsoft.
In
Russia and some other
post-Soviet countries, the term "
business oligarch" has become popular.
Etymology
The word tycoon is derived from the
Japanese word , which means "great lord" or "
shogun". The word entered the
English Language in the 19th Century with the return of
Commodore Perry to the
United States.
U.S. President Abraham Lincoln was
humorously referred to as "the Tycoon" by his aides
John Nicolay and
John Hay. The term spread to the business community, where it has been used ever since.
The word mogul originally meant
Mongol, or person of Mongolian descent. In this context, it refers to the
Mughal Empire (''mughal'' is the Indo-Aryan spelling of ''mogul'') of
India that existed between
1526-
1857. The early emperors of Mughal claimed themselves descendants of Mongol ruler
Genghis Khan and adopted a Mongolian identity. The modern meaning of the word is supposedly derived from the excessive riches of the Mughal emperors, which for example produced the
Taj Mahal.
The word
magnate itself derives from the
Latin word ''magnates'' (plural of ''magnas''), meaning "great person" or "great nobleman."
As the term industrialist (from the English word "industry") was more widely used in the context of "old world" industries such as steel, oil, newspapers, shipping and rail transport, it has largely been superseded by the other, more modern terms that encompass a wider range of business and commercial activity.
Notable magnates
See also
Articles
★
Local Baron (in
Romania)
★
Business oligarchs, for business magnates of
Russia,
Uzbekistan and
Ukraine
★
Media proprietor
★
Tycoon Computer Game
★
Captain of industry
Lists
★
List of billionaires
★
Sunday Times Rich List
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