Etymology
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magnate (n.)

mid-15c., "high official, great man, noble, man of wealth," from Late Latin magnates, plural of magnas "great person, nobleman," from Latin magnus "great, large, big" (of size), "abundant" (of quantity), "great, considerable" (of value), "strong, powerful" (of force); of persons, "elder, aged," also, figuratively, "great, mighty, grand, important," from suffixed form of PIE root *meg- "great."

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Definitions of magnate

magnate (n.)
a very wealthy or powerful businessman;
Synonyms: baron / big businessman / business leader / king / mogul / power / top executive / tycoon
From wordnet.princeton.edu