A business magnate
is someone who has achieved great success and enormous wealth through the ownership of multiple lines of enterprise. The term characteristically refers to a wealthy entrepreneur or investor who controls, through personal enterprise ownership or a dominant shareholding position, a firm or industry whose goods or services are widely consumed. Such individuals may also be known as barons
, captains of industry
, or tycoons
The term magnate
derives from the Latin
(plural of magnas
), meaning "great man" or "great nobleman".
The term mogul
is an English corruption of mughal
, Persian or Arabic for "Mongol". It alludes to emperors of the Mughal Empire
in Medieval India
, who possessed great power and storied riches capable of producing wonders of opulence such as the Taj Mahal
The term tycoon
derives from the Japanese
(大君), which means "great lord", used as a title for the shōgun
The word entered the English language in 1857
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.
Modern business magnates are entrepreneurs that amass on their own or wield substantial family fortunes in the process of building or running their own businesses. Some are widely known in connection with these entrepreneurial activities, others through highly-visible secondary pursuits such as philanthropy
, political fundraising and campaign financing, and sports team ownership or sponsorship.
Examples of well-known business magnates in the western world include historical figures such as oilman John D. Rockefeller
, automobile pioneer Henry Ford
, shipping and railroad veterans Aristotle Onassis
, Cornelius Vanderbilt
, Leland Stanford
, Jay Gould
, and James J. Hill
, steel innovator Andrew Carnegie
, newspaper publisher William Randolph Hearst
, retail merchant Sam Walton
, and banker J. P. Morgan
. Contemporary industrial tycoons include e-commerce entrepreneur Jeff Bezos
, investor Warren Buffett
, computer programmer Bill Gates
, technology innovator Steve Jobs
, media proprietor Sumner Redstone
, steel investor Lakshmi Mittal
, telecommunications investor Carlos Slim
, airline owner Sir Richard Branson
, technology entrepreneur Elon Musk
, Formula 1 manager Bernie Ecclestone
, media entrepreneur Rupert Murdoch
, and poultry technologist Frank Perdue
- ^ "Finlayson juhlii klassikkokuosien merkeissä". MTV3.fi - Koti (in Finnish). Bonnier AB. January 18, 2010. Archived from the original on 2010-01-23. Retrieved July 11, 2012.
- ^ Cummings, Donald Wayne (1988). American English Spelling: An Informal Description. JHU Press. p. 277. ISBN 978-0-8018-3443-1. Retrieved 22 May 2012.
- ^ "tycoon". Merriam-Webster. Retrieved 22 May 2012. Origin of TYCOON Japanese taikun
- ^ "tycoon". Merriam-Webster. Retrieved 22 May 2012. First Known Use: 1857
- ^ Goodheart, Adam (10 November 2010). "Return of the Samurai". The New York Times. Retrieved 22 May 2012.
Last edited on 4 May 2021, at 14:19
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