Actually Bhagavān, this word is applicable to Kṛṣṇa. Therefore in the Bhagavad-gītā you will find, whenever Kṛṣṇa is speaking, Vyāsadeva has written, śrī bhagavān uvāca. Real Bhagavān is Kṛṣṇa. Kṛṣṇas tu bhagavān svayam (SB 1.3.28). Everyone has got little fortune, opulence, but nobody is comparable with Kṛṣṇa. Therefore in the śāstra it is said, kṛṣṇas tu bhagavān svayam: "Real Bhagavān is Kṛṣṇa," the supreme controller. Īśvaraḥ paramaḥ kṛṣṇaḥ sac-cid-ānanda-vigrahaḥ (BS 5.1). But if one has got little favor of Kṛṣṇa, he is called bhāgyavān, not Bhagavān; bhāgyavān, fortunate. The word is coming from the same bhaga.
I have several times explained, bhaga means richness, bhaga means influence, bhaga means bodily strength, bhaga means knowledge, bhaga means beauty and bhaga means renunciation. Aiśvaryasya samāgrasya vīryasya yaśasaḥ śriyaḥ (Viṣṇu Purāṇa 6.5.47). And bhaga means reputation, fame. So these are the symptoms of bhaga. So Parīkṣit Mahārāja, although nobody can be equal to Kṛṣṇa . . . Bhagavān means asamaurdha: nobody is equal to Him; nobody is greater than Him. That is Bhagavān. I am fortunate, you are fortunate, but we have got many equals and many greater than. But when you reach somebody where you find nobody is equal to Him and nobody is greater than Him, that is real Bhagavān. This is a logical conclusion, who is Bhagavān.