Speed of magnetism

Say you had a gigantic electromagnet sitting in space, vaccuum, no other forces around.

50 miles away, there is a little permanent magnet.

When you flip on the electromagnet at t=0, how long does it take before the little magnet starts to move?  You are standing at the base of the electromagnet, if that makes any difference.

>>1
Shouldn't it move immediately after it's turned on since there's no force of friction to impede its motion? Now, if there's a capacitor in the circuit (or somehting along those lines), then it could take longer for the magnet to move--but that has nohting really to do with magnetism and more to do with electricity.