Definition of magnate

The origin of the word "magnate" can be traced back to the 18th century, when it first appeared in the English language. The word originally came from the Hungarian word "magnász," which meant "nobleman." In Hungary, during the early 18th century, a group of wealthy and influential landowners and aristocrats gained immense power and control over the country's economy and politics. These powerful individuals were known as magnates, which translated into English as "magnates." As the influence of Hungarian society began to spread beyond Hungary, the term "magnate" slowly made its way into the English language, particularly during the industrial revolution when wealthy businessmen and politicians acquired significant power and prominence. By the late 1800s, "magnate" became a widely recognized term used to describe those who held a position of great power and authority, whether in politics, business, or other influential spheres. Today, the word "magnate" is commonly associated with wealthy and influential individuals in various fields, such as media, entertainment, or technology.