Magnates rhymes with:
designates, impregnates, alienates, alternates, carbonates, concatenates, contaminates, culminates, designates, discriminates, disseminates, dominates, donates, eliminates, exterminates, fascinates, hydrogenates, hyphenates, illuminates, impersonates, impregnates, marinates, nominates, originates, pollinates, predominates, procrastinates, rejuvenates, resonates, subordinates, terminates
Magnates sounds like:
macintax, macintosh, macintosh's, macintoshes, mackintosh, magnet's, magnetek, magnetic, magnetics, magnets, magnitudes, management's, managements, managements', mankind's, mankinds, massenet's, mccants, mcintosh, mismatch, mismatches, monsanto's