Usage
Such people are businessmen that usually amass substantial fortunes in the process of running their business. Some are widely known in connection with their business(es) or through other pursuits such as philanthropy. The terms "mogul", "tycoon" and "baron" were often attributed to late 19th and early 20th century North American business magnates in extractive industries such as mining, logging and petroleum, transportation fields such as shipping and railroads, manufacturing, including steelmaking, banking, and newspaper publishing. This era was known as the Second Industrial Revolution or the Gilded Age.
Examples of well-known business magnates include Sir Richard Branson of Virgin Group, utility and transportation magnate Samuel Insull, newspaper magnate William Randolph Hearst of the Hearst Corporation, oil magnate John D. Rockefeller of Standard Oil, steel magnate Andrew Carnegie, automobile magnate Henry Ford, Lakshmi Mittal of Arcelor Mittal, poultry magnate Frank Perdue of Perdue Farms, shipping magnate Charles T. Hinde, automobile magnate Ferdinand Piëch of Volkswagen Group, telecommunications magnate Carlos Slim, and sports entertainment magnate Vince McMahon of WWE.
In Russia and some other post-Soviet states, the term "business oligarch" has become popular.
Read more about this topic: Business Magnate
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