A magnetic bearing system (24) supports a shaft (20). The bearing system (24) includes a magnetic rotor (34) and a stator element (36) positioned in proximity to the rotor (34). A plurality of first electromagnets (40, 41, 42) are mounted in the stator element (36). The first electromagnets (40, 41, 42) are of relatively large size to provide high load bearing capacity. A plurality of second electromagnets (44, 45, 46) are mounted in the shator element (36) in spaced relation with the first electromagnets (40, 41, 42), the second electromagnets (44, 45, 46) being of relatively small size to provide high frequency response. Displacement sensors (56, 57, 58) sense position of the shaft (20) relative to the stator element (36). A controller (60) is coupled to the displacement sensors (56, 57, 58) and the electromagnets (40, 41, 42, 44, 45, 46) for controlling current thereto. The controller (60) develops a first set of current signals to the first electromagnets (40, 41, 42) and a second set of current signals to the second electromagnets (44, 45, 46).