Business magnate is a phrase sometimes used to describe an entrepreneur who has achieved wealth and prominence from a particular industry (or industries). Other, similar terms are czar, mogul, tycoon, baron, or oligarch.
The word magnate itself derives from the Latin word magnates (plural of magnas), meaning "great person" or "great nobleman."
The word tycoon is derived from the Japanese word taikun (大君?), which means "great lord," and it was used as a title for the shogun. 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.
The word mogul refers to the Mughal Empire (mughal being Persian or Arabic for "Mongol") of the Indian subcontinent that existed between 1526 and 1857: the early Mughal emperors claimed a heritage dating back to Mongol ruler Genghis Khan. The modern meaning of the word is supposedly derived from the storied riches of the Mughal emperors, who for example produced the Taj Mahal.