In a very high speed permanent magnet type electric rotating machine system comprising a permanent magnet type synchronous motor including a stator having armature windings wound in a plurality of slots formed in a stator core, and a rotor including a conductive permanent magnet provided on an outer periphery of a shaft made of a conductive magnetic material and a reinforcement material made of carbon fibers and provided on an outer periphery of the permanent magnet, and an inverter for driving the permanent magnet type synchronous motor, the improvement comprising an electromagnetic steel sheet ring provided on the outer periphery of the shaft of the rotor, and a reactor interposed between the inverter and the permanent magnet type synchronous motor, and wherein content percentages of components of harmonic current supplied to the permanent magnet type synchronous motor from the inverter are such that when a content percentage of a fundamental wave is 100%, a total content percentage calculated by the formula (A2+B2+C2+D2+E2+F2)05 is at most 11% where A is a content percentage of a fifth order component, B is a content percentage of a seventh order component, C is a content percentage of an eleventh order component, D is a content percentage of a thirteenth order component, E is a content percentage of a seventeenth order component, and F is a content percentage of a nineteenth order component.