A business magnate is someone who has achieved great success and enormous wealth through the ownership of a multiple line of businesses. An Industrialist is an individual who starts a business with their own unique idea or concept, is a risk taker and innovative who is a market leader. In other words, are examples of business magnates who wield great influence, importance, or standing in a particular enterprise or field of business. The term characteristically refers to a wealthy entrepreneur or investor who controls, through personal business ownership or dominant shareholding position, a firm or industry whose goods or services are widely consumed. Such individuals may also be called Tsar, industrialists, Magnate, proprietors, tycoons, taipans, , or oligarchs.
The word mogul is an English corruption of mughal, Persian or Arabic for "Mongol". It alludes to emperors of the Mughal Empire in the Medieval India, who possessed great power and storied riches capable of producing wonders of opulence such as the Taj Mahal.
The terms mogul, tycoon and baron were often applied to late 19th and early 20th century business magnates in natural resource such as mining, logging and petroleum, transportation fields such as shipping and rail transport, manufacturing such as automaking and , in banking, as well as newspaper publishing. Their dominance was known as the Second Industrial Revolution, the Gilded Age, or the Robber Baron Era.
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, 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.