magnate / magnet are similar-sounding terms with different meanings (referred to as homophones). To better understand the differences, see below for definitions, pronunciation guides, and example sentences using each term. 👇
magnate: NA
magnet: (noun) (physics) a device that attracts iron and produces a magnetic field.
magnate: m·AE·g·n·ah·t
magnet: m·AE·g·n·ah·t
(Examples are Wikipedia snippets under the CC ShareAlike 3.0 license. Definitions drawn from WordNet.)