A magnetic bearing assembly, either radial or linear, utilizes attractive magnetic forces between inner and outer components of the assembly. The assembly includes a mechanical device for controlling relative movement between the components in first and second directions, while permitting relative movement between them in a third direction. At least one of the components, separated by a gap, has a magnetic source for creating a magnetic field extending across the gap and causing a first load in a direction opposing gravity exerted across the gap and against that component adapted to receive a supplemental load. In this way, the attractive force urges the component adapted to receive the supplemental load upward against the mechanical device, thereby at least partially offsetting the load on the mechanical device caused by the weight of the supplemental load. Either component may be the moving component or the one adapted to receive the supplemental load.