Why do we call them "wise men"? Because magi were priests, serving an ancient priesthood, astrologers, interpreters of dreams, and government officials who had the authority to elect the Parthian king. In the context of the times, because they served these roles and had such amazing knowledge of mysteries as these, they were considered to be the scholars of the day.

Were the magi kings? There is no conclusive evidence that they were kings, Isaiah 60:1-7 and favorite Christmas carols notwithstanding. However, as mentioned above, they might have been king makers. By the way, no early church father held the magi to be kings.

Taken from Our Redeemer Lutheran Website