In a five-axis magnetic bearing, each of two combined radial and axial magnetic bearing structures includes a radial magnetic stator and a radial magnetic rotor. A shaft supports the rotors of the bearing structures. Each rotor and stator have an asymmetrical orientation such that the bearing structure is capable of creating a force in an axial direction when the bearing structure is excited. A creatable axial force of a first one of the bearing structures is capable of being in sufficient opposition to a creatable force of a second one of the bearing structures so as to maintain the shaft assembly in a desired axial position. The asymmetrical orientation may include, for example, a rotor being physically offset from a stator or a spatial distinction between a surface region of a respective rotor and a surface region of a respective stator. Examples of spatial distinctions include material extensions, notches, and holes. Each bearing structure can be controlled by four stator portions (actuators) with each actuator being supplied with current signals representative of a common mode axial force command and a respective differential radial force command.