A business magnate, sometimes referred to as a mogul, tycoon, baron, or industrialist, is a person who has reached a prominent place in a particular industry (or set of industries) and whose wealth has been derived primarily therefrom. Such people usually amass substantial fortunes in the process, and tend to become 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 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 Lakshmi Nivas Mittal of Mittal Steel, diamond magnate André A. Jackson of JFPI Corporation and software magnate Bill Gates of Microsoft.