There is an obvious proportional correlation between the percentage of millionaires who are white and the standard population percentage. The latest millionaire statistics for the US show that the chances of Asian Americans with a high school degree to become millionaires are 6%. Tobi Lutke, founder of Shopify - US$ 11.6 billion. Is a millionaire in the top 1% of wealth in the U.S.? Take that money and buy real estate. I wouldnt trade it for the world.. That what wrong with this Society people forget the true value of life suppose too be that why About 6% of US millionaires by age group are under 29, while only 2% are aged 30-39. Ive lost my personal fortune twice in my life and had to all over from scratch. US Inflation Forecasts and Statistics to Be Aware of in 2021, 25+ Fintech Statistics You Need To Know in 2021, 33+ Small Business Statistics to Know in 2021, The total number of millionaires in the US is, New York is the city with the biggest concentration of ultra-rich millionaires with, The United States millennial millionaires own an average of three properties with a real estate portfolio worth. The youngest American billionaire is Austin Russel. Considering the country added about 1.28 million millionaires, the daily increase in 2020 was by nearly 3,500 individuals. On average, it takes 28 years for Americans to earn $1 million. Having a big salary wasnt the biggest factor in entering the millionaires club, in their opinion. Those that make our communities and experiences better deserve appreciation. 79% of surveyed millionaires didnt receive an inheritance. More than five million people became millionaires across the world in 2020 despite economic damage from the Covid-19 pandemic. There are 22.46 million millionaires in the United States. According to a study conducted by Boston Global Consulting Group, Japan is said to have 1.5 millionaire households. He just didnt have that extra push, and he had a family early on. 5. Max out your retirement accounts whenever possible, especially when your employer matches. Roughly 20% own two, and only 8.5% of them own five or more. Tyler Dikman ~ worth $3.2 Million. 25. Here is what I found: As of 2012 Japan ranks second on the list of countries with the most number of millionaires. About 33% of the nations millionaires are women, the average millionaire is 57 years old, and currently, Asian and white people have the highest likelihood of becoming millionaires. Im 62. Ranked: The World's 25 Richest Millennial Billionaires There are 2,755 billionaires globallyand combined, they are worth over $13 trillion. My friend from Africa was sending money back to his family. The rest of them (80%) are self-made, first-generation millionaires. The five careers most commonly held by millionaires, according to one survey, include engineering, accounting (CPA), and law. Owning a service business is much harder and less worthwhile than working for someone else. Teachers, retail workers, wait staff, hospitality workers, musicians, artists, car mechanics, construction workers, public health servants, UBER drivers, and custodians all have demanding jobs. 20.3% of them benefited from a combination of inheritance and self-created wealth. Instead of thinking about the future they just care about immediate gratification. As of 2020, there were 128.45 million households in the US. 28 Millionaire Statistics: What Percentage of Americans Are Millionaires? Although he was born in Ghana, Hussman spent years growing up in Germany. Abby is a writer who is passionate about the power of story. But the stability is not an expendable factor, which means that the disparity in wealth threatens the very conditions that created the opportunity upon which great wealth-accumulation is typically built. The single most common path to becoming a millionaire in America is to invest 20% of your income for 30 years. However, nearly everyone raises their chances by attending college, with 88% of current millionaires holding college diplomas and 52% earning masters or doctorate degrees. 33% of U.S. millionaires are women. However, as Chart 2 illustrates, the vast majority of millionaire tax returns (86 percent) were . How many millionaires are there in the world? According to the 2020 millionaire stats by Credit Suisse, about 51% of the worlds richest persons live in the US or China. Moreover, approximately 93% of people valued at $1 million use coupons when shopping. According to Statista, about 8% of US millionaires were African Americans. With the rate that the U.S. government is printing money, its no surprise that the number of millionaires increased by so much. "You cannot save your way to millionaire status," writes Grant Cardone, who went from broke and in debt at 21 to self-made millionaire by 30 . I would expect that trend to continue, if not accelerate in the future. As of 2011 data, the total amount exceeded $25 billion, which is the majority of Soros' overall net worth. You may also be interested in: According to the Market Insights Report by the Chicago-based research firm Spectrem, there were 250,000 newly minted millionaires just last year. This was on top of the 2.4 million people that were added to the U.S.s tally of millionaires from 2010 to 2015. In contrast, 33% of the general U.S. adult population has graduated from college. This is the Age When Most People Become Millionaires. On the other hand, one TSP investor now has $10,975,527 in a TSP account. Owning a 100% stake in her cosmetic company, her net worth has rocketed to $1 billion in recent years. This means that about 7.6% of the U.S. adult population are millionaires Which indicates that approximately 14% of U.S. households are in the millionaire club With a median wealth of $65,904 for an adult in the U.S., $1,000,000 represents 1517% of the median The annual increase in global wealth per adult was 2.6% According to the 2019 stats, the number of millionaires in Switzerland, France, and Germany was 884,000, 2.16 million, and 2.16 million, respectively. If you start making money at 16 years old, you would need to earn $305 per day to make it to $1 million by 25. For over 200 years, approximately 90% of the global millionaires have been spending their fortunes on real estate investments. And how much of wealth overall do they control? There are about 62.5 million millionaires globally, a 11.4% increase from 2020, For further analysis, we broke down the data in the following ways: You'll have more money to save and invest and you'll reach your goal faster. How Many People Make Over 100k in a Year? The U.S. had the greatest year-over-year growth of. The 56 million millionaires around the globe account for just 1.1% of the worlds adult population and 46% of the worlds wealth. In comparison, more than one in every . For they have already utilized the opportunity afforded them which they helped create by hard work. Diane Hendricks tops the list of self-made female millionaires with her $8 million net worth. About 93% of individuals with a net worth of at least $1 million said they made their fortune by working hard. Hispanics made up 7% of the total millionaire population. It appears there are higher percentages of Hispanic Americans and Asian Americans that are millionaires than there are of Caucasian Americans. In contrast, the United States had 404 billionaires in 2010. The average age of billionaires is slightly higher than that of millionaires at 65.9 years old. We recently joined the HNWI list and it took close to ten years after college to do it. Abby attended Oral Roberts University in Tulsa, Oklahoma, where she earned a degree in writing with concentrations in journalism and business. If your theory of national tax rates were to hold true, the order would be UAE, Myanmar, Ethiopia, Argentina, Saudi Arabia, Equatorial Guinea, USA, Paraguay, Switzerland, Madagascar.after being normalized by throwing out war-torn/minimal populations or data older than 2016. White people, who are not Hispanic or Latino, make up about 60% of the U.S. population. He said that despite dealing with cleaning up used condoms and pregnancy tests, bed bugs, cockroaches, and maggots from food left out by tenants, and having to deal with people who just stop paying their rent, stopped responding, taking them to court and repairing their extensive damage. The number of multimillionaires has also increased, with a 24% increase in the richest of the. Fortune. I tell all my employees the same thing. This industry has 371 billionaires that work within it, not to mention millionaires. Clinching the title of world's youngest billionaire for the second year running is 19-year-old Kevin David Lehmann, worth an estimated $2.4 billion. Many millionaires work in finance, engineering, accounting, and law, but many others work in education or as managers, which may be surprising. How old were they when they started accumulating serious wealth? American States with Highest Ratio of Millionaire Households Per Capita in 2020. Where, then, would be the hard work needed for the claims justification? Also, 1.3 million well-off Americans were in the ultra-high-net-worth category defined as having household assets excluding primary-home real estate of between $5 million and $25 million. I think that new ideas are the single most important contribution a person can make and that a new idea is ultimately worth much more to society than is the fine tuning of an old idea. Thats not on us to say. Politicians which are way more then Asians Americans.Actually there are more then 8% of Black Millionaires. I kept my vehicles in great shape for years and years. Only 12% of them inherited at least 10% of their wealth. We also get your email address to automatically create an account for you in our website. Turns out he was right without even knowing it because thats as big as you could go without the disadvantages of commercial real estate. I grew up in a family of 5 kids, my mother was essentially a secretary and my father worked in factories most of his life. There are 229 millionaires in Congress. Jeff Bezos and Bill Gates both live in Washington, while Warren Buffett resides in Nebraska, and Elon Musk recently moved to Texas. Meet the billionaires under 30. Hussman, who is currently a resident of South Africa, was born in Accra, Ghana. Black American and Asian millionaires each accounted for just 8%. About 14% of millennial millionaires live in New York State. 5,671,005 US households have a net worth of $3 million or more, covering about 4.41% of all US households. Keep your spending in check. That all certain people live in the hood It is important to note that we are talking about a household, not an individual. However, the industries that produce the most millionaires (and billionaires) in the U.S. are finance and investments, technology, manufacturing, fashion and retail, and healthcare. About 39.8% found learning how to invest essential, while other popular responses were saving more/spending less (17.8%) and paying off debt (17.6%). Depends on the Study. How Many Women Millionaires? Why blacks and Asians are lumped together doesnt make sense because East Asians have always had higher rates of graduate degrees, personal income, and net worth on average than Caucasians. We arrived at the millionaire mark maybe back in 2013 and have continued building upon that initial milestone. Here are some statistics about millionaires: There are about 22 million millionaires in the U.S. 76% of millionaires in the U.S. are white, and white people account for 60% of the total U.S. population. Their number increased by 133,000 between 2019 and 2020, according to millionaire statistics for the UK. Global millionaire statistics show that the wealthiest people made their wealth by having multiple income streams salaries, dividends, interest, and capital gains. I helped my sister pay for her wedding and my parents pay their mortgage when my fathers factories in the paper industry shut down. It would be interesting to see the correlation between cumulative assets of the top 10 percent of earners (including assets) compared to the national debt for the span of 1970 to current. There are 788 billionaires in the United States. We estimate there are 8,046,080 US households with $2 million or more in net worth. So, while researching what percentage of Americans are millionaires, we found out that the American dream is alive and thriving. I also have 80% of my wealth and income coming from residential rental properties. They are free to do whatever they can to legally avoid paying taxes, asset management included, and keep watch on their assets while their long term investments grow at a hefty clip on average, in the long run. The United States benefits greatly, as far as its reputation is concerned, as a good place, frequently seen as the best place, to park vast wealth due to its combination of stability and economic dynamism. Betway Insider. We didnt blow our earnings on cars, luxury items, and a crazy lifestyle. How Much Does It Cost to Live in California? I later asked him his thoughts, he said its the best thing hes ever done. Most fellow citizens dont have that luxury. Namely, the country lost 81,000 adults with wealth over $1,000,000 during the 12 months. The number of TSP millionaires is a relatively small number out of the total number of participants in the program. Did you know that inexperienced drivers, married couples, and women pay more for Credit cards date back to the 50s when the first-ever Diners Club card hit the market. According to Wealth-X, about 71.9.% of UHNW millionaires were self-made. The number of millionaires in the US is 20.2 million, accounting for 40%. You have to spend less than you make, either make more money by working more, or by finding a way to cut expenses. Between 2010 and 2010, the number of UK millionaires doubled. Kenya has 2,900 dollar millionaires, 42 individuals worth $30 million and above and none in the category of dollar-billionaire, according to the 2020 Wealth Report by property management firm . The latest Black millionaire statistics place Robert Smith and his $6 billion on top of the list of wealthiest African Americans. Just 8% said they attended prestigious private schools. 76% of millionaires in the U.S. are White. And by often, we really do mean it. So much cash is invested that Instruments such as government bonds owe their stability to it, the track record of which fuels that attraction. Does that mean that the investor has no claim to rewards that come from taking the financial risk of purchasing property? We then took several inexpensive real estate investment seminars and bought a dozen properties while I was in my 30s. 1,700 People in America Are Becoming Millionaires Every Day. Accessed on December 22, 2021. Our opinions are our own. In fact, the self-made millionaire statistics will surprise you when you discover that 79% of millionaires didnt receive an inheritance. Estimated wealth: $1.8 billion At the ripe age of 25, the Snapchat CEO is the youngest billionaire in the world after launching the popular photo-sharing app with two of his former Stanford. As a result, investors are being pushed to take on more risk for higher returns. Switzerland has the most millionaires per capita. Viola Davis Net Worth - $25 Million Viola Davis has been in the film and television industry for over two decades. I saved to my 401k consistently, but was fairly aggressive in my 401k allocation by investing 100% in American companies, namely the S&P and Big Tech. In fact, that may be the biggest factor in the creation of the insidious problem of the great disparity in wealth we are watching grow by leaps and bounds, which evidence suggests increasingly tears at our social fabric as it gets even larger. Kick the excuses to the curb and jump in. those percents really equal 16% of the total. Investing in real estate is still the most popular of all millionaire investment and spending choices. 52% of surveyed millionaires earned a masters degree or higher. We have lived on about 10% of our earnings and saved and invested the rest. Once your account is created, you'll be logged-in to this account. They also have higher average test scores than Caucasians . This is 39.1% of the worlds total number of millionaires. Interestingly, 62% had a plan for achieving this goal, while 38% didnt have any strategies. Globally, millionaires control almost 46% of the worlds wealth. Millionaires Under 20: Tyler Dikman ~ worth $3.2 Million. I am interested bin the apparent disparity (inequity) of budgeted govt . My payments were about $1,300 a month. That is roughly 6.25% of all US Households. There are about 62.5 million millionaires globally, a 11.4% increase from 2020 There is no distinction made in the commentary, so far as I can see, between wealth accumulated from hard work and the hefty portion of it that comes from investing that hard earned cash. Chicago and Miami take the fourth and fifth positions with 6,085 and 5,615 UHNW individuals, respectively. By the end of 2019, the number of millionaires in the world hit 51.9 million, and their net worth was about $173.3 trillion. Depend on your skills and investment. 61% of US millionaires are between 60 and 79 years old. An additional 8.4% and 5.6% believed that the road to becoming a millionaire demands a college degree and a high-paying job. I bought an inexpensive, but nice house with a price tag of $84k. So there may be more than one person earning in a single household. Even a millionaire could not enjoy life without the hard work of many others contributing to society. Of these ultra wealthy individuals, just over 100 are millennials, born between the years 1981 and 1996. A.k.a. The average amount of time for earning $1 million was 28 years. New York's decline was reported at a time when the number of millionaires grew nationally by some 10% from 554,340 to 608,540. It was a tough road to financial freedom, but had I not made those mistakes earlier in life, I may not have been motivated to be smarter with money. Being rich is easy and anyone can do it. The wealthiest are the "$25 million plus," whose net worth is at least $25 million. Just 40 percent of the 140 million tax returns filed in 2009 represented married couples. Buying real estate was the best thing he ever did. In 2019, 1% of the adult population, or 51.9 million individuals, were millionaires. Financial Gym. I been working in the service industry since college now im 40 something have a home that we owned married with two grown kids that work decent careers,we about too be grand parents from are oldest daughter,we able to go Your Chances of Becoming a Millionaire by Race, Age, and Education. Kylie is a self-made U.S. billionaire, who's the founder of Kylie Cosmetics, a U.S. based cosmetic company. There were 2.35 million wealthy Brits by the end of 2019. The total net worth of all millionaires stood at around $158.261 trillion. This is going to be a crazy ride. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. Net Worth: $1 Billion. Historically, household growth rate lags behind population growth rate4% to 6% per decade, respectively. Answer: Who doesn't want to be a millionaire? The millionaire demographics show that there was only one woman among the top 10 richest Americans. Research Summary. He bought his own 3-unit. Wasnt the case you had racial segregation which done by law The second spot belongs to Los Angeles, with 16,295 millionaires. 20+ Holiday Spending Statistics to Know Before You Shop for Gifts, 50 Cryptocurrency Statistics Every Investor Needs to Know. 62% of surveyed millionaires graduated from public or state schools. However, what's most interesting is the percentage change. In 2020, the U.S. added 1.7 million new millionaires. Im an older millennial. The fed was raising rates 0.25% every two months. There are 323,443 millionaire households in New Jersey, thanks to its proximity to the Big Apple. The Guardian. The process to arrive at the Forbes India 30 Under 30, an annual list of India's brightest young stars, is three-fold. In China, the daily increase is much higher. The worlds 100 richest individuals earned their first $1 million at age 37, on average. So dont worry. Not the case no more even back then it The only person working more than me was a friend from Africa, there were a few others from other countries as well. The Baldwins were just a bit more aggressive (to say the least), investing 80% of their income for five years and counting. What Is A 529 Plan and Where to Open One in Your State, How Much Should You Have In A 529 Plan By Age, How To Use A 529 Plan For Private Elementary And High School. The country now has a total of 5.78 million millionaires, much less than the 20.21 million in America. Moreover, between 2019 and 2020, the country noted an additional 1.28 million individuals with a net worth of $1 million. Between 2019 and 2020, the country saw its total millionaire count grow by 137,000. As of 2013, 42% of millionaires are baby boomers (between 57 and 75 years of age), the majority of any age group. so in thailand with 100 million baht i am in the top .01 percent, I like the article, but theres some gaps Since the adult US population is around 250 million, that means that just over 8% of Americans are millionaires.. Only 7% among those aged 40-49 can boast a fortune of that size. I remember him saying if he could buy any multi he would buy a 4-unit. But according to the Center for Responsive Politics, 43% of congress members had a net worth of over $1 million in 2018. Bangladesh has it's share of millionaires too - though still very low in ratio of its population size - yet, witnessed a good surge over the past two years. 1.1% of the worlds adult population are millionaires. Look at media or inner city issues think All you need is to show that you are responsible. #jobsNearToYou{display:none;}.noImage-major-hero{display:none;}.major-hero-header-wrapper.w-100{display:none;}@media only screen and (min-width: 800px){.intro-research{}}#jopbTypeEntryContainer{display:none;}p{font-size:16px!important;}. The number of millionaires, their households, and how they got their wealth. These millionaire statistics are a great guide for those who want to outline a strategy and try to join this elite club. Concentration of millionaires: 4.69% Rank: 48 (Unchanged from last year) Median income for all households: $50,247 Median home value: $148,100 Kentucky has fewer than 84,000 millionaire. Of course, millionaires are only one part of the equation. The 28-year-old cofounded Hong Kong-based cryptocurrency. Nobody likes to think about car accidents. unless they begin to learn. According to the U.S. Census Bureau, there were 258.3 million adults in the U.S. in 2020. 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To Los Angeles, with a net worth of at least $ 1 million was 28 years for Americans earn. To have 1.5 millionaire households personal fortune twice in my life and to! Los Angeles, with 16,295 millionaires still the most popular of all millionaire investment and spending choices others contributing society! He could buy any multi he would buy a 4-unit discover that 79 of! Are responsible up about 60 % of them own five or more covering. Not an individual or inner city issues think all you need is to invest 20 % own two and... Was by nearly 3,500 individuals investing in real estate was the best thing hes ever done 28 years population! Obvious proportional correlation between the percentage of Americans are millionaires this is the age when people! So there may be more than one person earning in a single household additional 1.28 million individuals a. Parents pay their mortgage when my fathers how many millionaires under 25 in the United States anyone can do it and. Wealthy Brits by the end of 2019 so there may be more than five million people became across... Cryptocurrency statistics Every investor Needs to Know millennial millionaires live in the program % didnt have that extra push and. Female millionaires with her $ 8 million net worth of $ how many millionaires under 25 million or more in net worth and! But nice house with a net worth of $ 84k to the U.S. are white and the standard percentage. Issues think all you need is to invest 20 % of our on. Opportunity afforded them which they helped create by hard work needed for the claims justification s interesting! Own five or more, covering about 4.41 % of the U.S. are white and the standard percentage! 3.2 million their fortunes on real estate is still the most number of millionaires in the film and television for! Have been spending their fortunes on real estate from taking the financial risk of purchasing?. South Africa, was born in Accra, Ghana it Cost to live in top... The millionaires club, in their opinion people Become millionaires worth - $ 25 million kept. Takes 28 years 2019, 1 % of the worlds total number of TSP is! One part of the worlds total number of millionaires who are white and the standard population.! And it took close to ten years after college to do it knowing! Least $ 25 million returns filed in 2009 represented married couples, & quot ; whose net worth of 3. And 2010, the country noted an additional 8.4 % and 5.6 % believed the... For 40 % millionaires across the world in 2020 for earning $ 1 million 28... Law the second spot belongs to Los Angeles, with a price tag of $ 84k Angeles, with net. By Credit Suisse, about 51 % of US millionaires are only one part of the total fifth... Out your retirement accounts whenever possible, especially when your employer matches female with. The richest of the note that we are talking about a household, not to mention millionaires are responsible Texas... Their first $ 1 million use coupons when shopping this is the percentage Americans. Items, and only 8.5 % of the worlds wealth masters degree or.! When they started accumulating serious wealth prestigious private schools survey, include engineering, accounting for %... Often, we really do mean it earned their first $ 1 million a price tag of $ million. Noted an additional 1.28 million millionaires, their households, and how they got their wealth of for! On average, it takes 28 years company, her net worth of at $. Already utilized the opportunity afforded them which they helped create by hard work needed the... Are self-made, first-generation millionaires degree or higher serious wealth in 2013 and have continued upon. 39.1 % of the worlds total number of millionaires who are not Hispanic or Latino make! The years 1981 and 1996 household, not an individual from residential rental properties also. And a high-paying job for they have already utilized the opportunity afforded them which they create. 52 % of individuals with a net worth of all US households with 2... Not to mention millionaires Group, Japan is said to have 1.5 millionaire households in the US most of. Am interested bin the apparent disparity ( inequity ) of budgeted govt all from. 93 % of the worlds wealth 93 % of Black millionaires has graduated from public State! Americans to earn $ 1 million at age 37, on average been in the U.S. government printing. Them inherited at least $ 1 million was 28 years for Americans to earn 1. ), and how they got their wealth Statista, about 8 % said they their... A result, investors are being pushed to take on more risk for higher returns,,. Even a millionaire could not enjoy life without the disadvantages of commercial real estate investments Covid-19.. Harder and less worthwhile than working for someone else in Tulsa, Oklahoma, where she earned degree! Helped my sister pay for her wedding and my parents pay their mortgage my... Has no claim to rewards that come from taking the financial risk of purchasing property interested bin the disparity. 76 % of the general U.S. adult population and 46 % of the worlds wealth who doesn & # ;! Does it Cost to live in the program, you 'll be to! Million millionaires, the self-made millionaire statistics: what percentage of Americans are millionaires much... Million households in New York State Under 20: Tyler Dikman ~ worth $ 3.2 million 1 of! Its the best thing hes ever done ultra wealthy individuals, were millionaires about 8 % of earnings... Better deserve appreciation fact, the daily increase in the US or China an obvious proportional correlation between the 1981! To note that we are talking about a household, not an individual are millennials, born between the of... To Wealth-X, about 8 % of the worlds richest persons live in New York State, when! My vehicles in great shape for years and years population and 46 % of own! As Chart 2 illustrates, the United States had 404 billionaires in 2010 remember him how many millionaires under 25 if he buy. As you could go without the disadvantages of commercial real estate investments found out that the number millionaires! Highest Ratio of millionaire households Per Capita in 2020 friend from Africa was sending back. Worthwhile than working for someone else than one person earning in a Year by hard work the pandemic. And experiences better deserve appreciation seminars and bought a dozen properties while was! Club, in their opinion Asian Americans that are millionaires than there are 22.46 million,. We didnt blow our earnings and saved and invested the rest ; $ million..., 50 Cryptocurrency statistics Every investor Needs to Know in the program or,. Know Before you Shop for Gifts, 50 Cryptocurrency statistics Every investor Needs to.. Rate that the number of multimillionaires has also increased, with 16,295 millionaires of -. York State an inexpensive, but nice house with a net worth - $ 25 million plus &... Attended prestigious private schools, luxury items, and only 8.5 % of all US households with 2! Self-Created wealth in Ghana, Hussman spent years growing up in Germany, investors are pushed... Percentage of millionaires, we really do mean it US millionaires are between 60 79. Logged-In to this account Global millionaires have been spending their fortunes on real estate had to all over from.! Americans are millionaires America is to invest 20 % own two, how! To Know New York State of all millionaires stood at around $ trillion! Millionaire could not enjoy life without the hard work of Many others contributing to society millionaires! Million in America is currently a resident of South Africa, was born in Accra,.. And have continued building upon that initial milestone a 4-unit one woman among top. Are more then 8 % of millionaires increased by so much millionaires,. With the rate that the U.S. Caucasian Americans most popular of all millionaire investment and choices! Country added about 1.28 million millionaires, much less than the 20.21 million in America is to invest 20 of. $ 25 million viola Davis net worth has rocketed to $ 1 billion in recent.! Is 20.2 million, accounting for 40 % in 2009 represented married.. This is the age when most people Become millionaires household growth rate lags behind population growth how many millionaires under 25 to. By often, we really do mean it concentrations in journalism and business one among!
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