A composite rotor for an axial airgap, permanent magnet dynamoelectric machine comprises a plurality of magnet subassemblies adhesively bonded together to form the rotor. Each magnet subassembly comprises a rotor permanent magnet and an optional spacer. A fibrous belt is wrapped around the periphery of each subassembly to provide high tensile strength at least along the radial sides of the subassembly. The belt is preferably infiltrated with an adhesive agent, such as an epoxy resin, that is used to bond the subassemblies. The rotor is thereby provided with high strength and low mass, making it suitable for use in a high-speed, high pole count electric machine.