[Norfleet]

Yes: The spell "Wish", level 9 Alteration, requires Astral 9 to cast, can be used to permanently raise all magic ranks by 1, if you wish for "magic power". Other than that, only empowerment can grant additional magic ranks on a permanent basis.

Many items, however, exist that will increase the wearer's magic ranks as long as he uses the item. The ranks are lost when the items are removed, however, so this isn't truly permanent....but it is usually good enough.