Bhaga means “opulence” or “assets,” and van means “one who possesses.” Because God owns everything, He is called Bhagavan. The Vedic sage Parashara has defined Bhagavan as the one who possesses in full these assets: beauty, wealth, fame, strength, knowledge, and renunciation.
God, in His personal feature, has all the attributes found in other living beings—but His are all infinite, unlimited, unrestricted by the conditions of matter. That Supreme, the Personality of Godhead, Krishna, exists in His own realm, beyond all dualities and illusions.
Localized Paramatma and all-pervading Brahman are features of the original personality, Bhagavan.