Ferromagnetism is experienced by everyone.
But paramagnetism is not easy to perceive.
So, who discovered paramagnetism first? The question is actually, who distinguished paramagnetism with ferromagnetism?
It appears that Faraday discovered it and that W. Whewell coined the term.
"paramagnetism, n.". OED Online. December 2015. Oxford University Press. (accessed January 24, 2016).:
W. Whewell Let. c 10 Dec. in M. Faraday Corr. (1996) III. 442, I think you may keep diamagnetic for this class, and give to the opposite class a name implying that they rank along with magnetic bodies. I propose paramagnetic... Then this new branch of science, for so, of course, it will soon become, will be Paramagnetism.