mid-15c., "great man, noble, man of wealth," from Late Latin magnates, plural of magnas "great person, nobleman," from Latin magnus "great, large, big" (of size), "abundant" (of quantity), "great, considerable" (of value), "strong, powerful" (of force); of persons, "elder, aged," also, figuratively, "great, mighty, grand, important," from PIE *mag-no-, from root *meg- "great" (cognates: Sanskrit maha-, mahat- "great;" Greek megas, fem. megale "great, large;" Gothic mikils, Old English micel "great, big, many;" see mickle).