business leader vs magnate

business leader and magnate both are nouns.

Word	Noun	Adjective	Verb	Adverb
business leader	Yes	No	No	No
magnate	Yes	No	No	No

As nouns, business leader and magnate are synonyms defined as:

Other synonyms of business leader include baron, big businessman, king, mogul, power, top executive, tycoon.

business leader (noun)	magnate (noun)
a very wealthy or powerful businessman	a very wealthy or powerful businessman