Like its neighboring wealthy communities, very few Essex Fells households reported low incomes. 4. Of course, the South, East, and West coasts arent the only places where wealthy cities exist. Some 42.7% of adults in Trenton have a bachelors degree or higher, compared to 31.3% of American adults nationwide. South Houston, meanwhile, had a median income of $35,478 and a poverty rate of 32.0%. Taking things inside, the median home value in Westfield is $906,521 in 2022, according to Zillow. While the state as a whole is relatively wealthy, Trenton is the only one of the four metro areas in New Jersey to rank among the wealthiest in the country. Laureen Mcgowan / Eyeem | Eyeem | Getty Images, How this FIRE couple retired in their 30s with $870K in Arizona, How this 39-year-old earns $26,000 a year in California. Wise up with top Japan's capital Tokyo ranked second with 304,900 wealthy individuals. Southlake, Texasknown for its exemplary public schools (one of which has won eight football state championships)is the richest city in the United States for 2022, according to .css-7l5upj{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-decoration-color:inherit;text-underline-offset:0.25rem;color:inherit;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;}.css-7l5upj:hover{color:#595959;text-decoration-color:border-link-body-hover;}24/7 Wall St., which used five-year estimates of median household income from the U.S. Census Bureaus 2019 American Community Survey (ACS). This relatively young Bay Area suburb was incorporated in 1985, and is a wealthy community of commuters and their families. WebBillionaires Row. Even with a median annual household income of $76,788, the Baltimore metro area's income which is 14th highest of U.S. metro areas falls below its home state median income. Additionally, the majority of homes in the area are worth over half a million dollars. Some 9.2% of the metro area labor force work in the finance, insurance, and real estate industry, one of the largest shares of any U.S. metro area. [3] Virginia has the most counties in the top 100 with 18. In nearby White Settlement, for example, poverty levels are far higher and property values are far lower. 1 city on the list is Austin, Texas. How the National Trust Is Changing America. The exception is the Seattle-Tacoma-Bellevue metropolitan area, which has a median household income of just under $80,000. Lafayette sits to the east of Berkeley and touts notable wealth. Poverty in Bridgeport is not enough to keep the metropolitan area from ranking as the fourth most affluent in the United States. In eight cities on this list, the typical home is worth over half a million dollars. Use this visualizationNew York boasts the largest GDP of any metro area in the U.S. at $1.8T, the same size as the entire Canadian economy.Los Angeles also has a GDP over $1T, roughly the same size as Malaysia.Other large cities have enormous economies. Even smaller American cities have enormous economic weight. This however led to another problem. "Worldwide high-net-worth individual numbers were down by 5% in the six-month period to June 2022. Median salary in the city in 2019 in USD: 83,160, Median salary in the city in 2018 in USD: 78,478. An average household income closer to $200,000 is now required to break into the top 100 compared with about $190,000 in last years Bloomberg analysis. At the same time, 38.2% of households earned $200,000 or more, versus 4.8% of all U.S. homes. (That said, the latest five-year ACS accounts for years 20142018. Despite being home to more than a third of the countrys richest cities, California is not the richest stateMaryland, with a median household income of $86,738, isnor is it home to the richest city. Still, data can be subject to sampling issues. Twenty-one of the cities were in California, with the majority in the San Francisco Bay area. Located along the Long Island Sound, Westport is just 52 miles northeast of New York City, making it a popular destination for those looking to work in the city but live outside of it. The annual median household income in the wealthiest towns in America can be as high as three or four times the national median income, and as much as five or six times the income in nearby impoverished communities. Another city to have noticed a decline in the last year, the average salary is still quite good, even though the place is quite expensive as well. 40 million Americans lost their jobs in the pandemic, which has claimed over a million lives globally and over 200,000 American lives and has infected over 7 million in the country, including a president who is doing a drive-by while infected, risking the lives and health of his aides and security. The share of college-educated adults exceeds the national share in all but three of the wealthiest cities. With a high median salary comes a high standard of living and a high cost of living, all of which is applicable completely to Boulder in Colorado. The city had a median home value of $781,000, far above a median of $176,700 nationwide. Since the city is nestled just outside of the District of Columbia, many of its 45,000-plus residents work in the nations capital, and 80.6 percent of adults have at least a bachelors degree. However, the cost of living is relatively high in the state thanks, in part, to the cost of transporting goods across difficult terrain. While just under 29% of adults nationwide had at least a bachelors degree, nearly 84% of University Park adults had completed at least a bachelors degree. West Palm Beach, Florida, ranked second on the list. 25% of the total families in US don't even have $10,000. The total private wealth held by New York residents was found to exceed $3 trillion. Minneapolis-St. Paul-Bloomington, Minn.-Wis. Los Altos Hills is a Silicon To highlight some of the factors that create hyper-wealthy townships, 24/7 Wall St. reviewed income data from some of the wealthiest towns, cities, and boroughs around the country. While just 32.8% of Oakland households included a married couple, 76.9% of Piedmont households did. The region is home to several higher education institutions including North Carolina State University. From 2012 to 2022, Scottsdale saw an 88% millionaire growth rate and is home to 13,900 millionaires, 60 centi-millionaires, and five billionaires, according to the report. WebAn income of $0.88 in Birmingham equals an income of $1.27 in San Jose with the U.S as a whole having an average PCPI of $1.00. Another option was using the mean, or the average earnings of each city. Cities like New York City and L.A. might be some of the wealthiest in America, but it's smaller cities that are becoming more and more appealing to More than 26% of West University Place workers were employed in professional, scientific, management, and administrative roles, compared to 10.6% of workers nationwide. San Francisco Bay Area, U.S. (276,400), 4. 1. The nearby city of Newark, for example, had a nearly 30% poverty rate, 15.6% of households earned less than $10,000, and just 1% earned $200,000 or more. Average household income excluded households without any type of income. Its no surprise that as a college city University Park has the highest education ranking, with 87.8 percent of adults having a bachelors degree or higher. Source: Bloomberg analysis of data by the U.S. Census Bureau. Amazon (NASDAQ:AMZN) founder Jeff Bezos has a net worth of $175 billion today, having more money than several countries across the world. Here are 30 great U.S. cities for older Americans, Want to be a high earner? In Orinda, it was 71.6% of all households. Second, people are more likely to raise children in communities they consider to be prosperous, safe, and offering quality education. High levels of education, which tend to open doors to higher paying employment opportunities, may account for many of the regions high incomes. This drop was mainly due to the poor performance of major stock market indices," he said. The absolute extremes of wealth and poverty are often found in the same area. These are the richest cities It has been home to many notable people, including John and Alice Coltrane. All four showed gains in household earnings from 4 percent to 15 percent from the prior year. Median salary in the city in 2019 in USD: 81,971, Median salary in the city in 2018 in USD: 80,921. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. High incomes are also reflected in the metro area's property values. Southlake, located roughly 25 miles northwest of Dallas, is one of two exceptionally wealthy communities in the proximity of the metro area. Two lake skips to the east of the center of Seattle, Sammamish is a suburb of the Washington metropolis but boasts a reputation of its own due to its low poverty rate, high education rate, and access to ample hiking trails. Housing expenses are notably high, as the typical home value of just under $800,000 is about four times the U.S. median home value. Like all of the wealthiest communities, Winnetkas population is highly-paid and highly-educated. Some of the biggest companies with offices in the city include Roku, Sees Candies, and a handful of software companies (Saratoga is on the outskirts of Silicon Valley). Orinda is located roughly a half hour outside of downtown San Francisco, just a few miles east of Berkeley. Like the California cities ranking among Americas top 10 richest cities, San Carlos is very tech oriented thanks to its proximity to Silicon Valley. Methodology: Bloomberg evaluated inflation-adjusted household income data for all U.S. "places", as defined by the Census, with a minimum of 2,000 households and ranked them based on average household income. One common trend among places with higher income is a greater incidence of households with two earners, and particularly married households with children. According to Henley and Partner's 2023 wealth report, cities like Austin, Texas, and Scottsdale, Arizona, are gaining millionaire residents, while bigger cities like Chicago, and New York City are losing them. This type of inequality does not occur overnight. The metro areas of Washington, D.C., New York City and San Francisco's Bay Area naturally dominate the top spots. Hawaii has a few well off cities, and Kapaa is no exception. And of the residents, women hold the majority, with roughly 92 men for every 100 women in the city. High concentrations of high incomes are often found in regions with extreme income inequality. Amazon, Microsoft, Facebook, and Google all are major area employers. The typical anchorage household earns about $25,000 more a year than the typical U.S. household income. ALSO READ: The Least Healthy County in Each State. As in most of the wealthiest American towns, more than 44% of households in University Park reported incomes of at least $200,000, many times the less than 5% of households across the nation. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. Educate your inbox. The city is very family oriented, with 60.5 percent of the 6,414 households including children and 88 percent of homes inhabited by married couples. Although Los Altos isnt the wealthiest city in the U.S., it does boast the highest median home value. The top 20 richest towns in America all boast average household incomes above $300,000, while the top five ring up above $400,000. Industry composition of these towns is also from the ACS. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Click to continue reading and see the 10 Richest Cities in the United States Disclosure: No positions. Seksan Mongkhonkhamsao | Moment | Getty Images. To determine the richest towns in the country, 24/7 Wall St. considered median household incomes from the U.S. Census Bureaus 2013 American Community Survey (ACS). It is a small community with a population of less than 5,000 people. The Bridgeport-Stamford-Norwalk, Conn.metropolitan area, also known as Fairfield County, is home to many wealthy professionals who commute into New York City. In 1989, the bottom 90% had a third of all wealth, now down to a quarter. The climate of Alaska is not for everyone, with its frigid and dark winters and lukewarm summers. In that sense, its a bedroom community for the nations capital. France's capital Paris fell by three places to 20th, meanwhile, as the city lost 12% of its rich people. > Households earning $200,000 or more: 10.1%, > Adults with at least a bachelors degree: 34.4%. This means that the drops in wealthy populations are not solely related to people moving to different cities there are also simply fewer people who fall into the category. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. ALSO READ: Bakken Formation Still Has 6 Billion Barrels of Oil, 8. Gini coefficient: a common measure of household income distribution, the ratio ranges from zero, which reflects absolute equality, to one, complete inequality. Click here to see the richest towns in America. The typical Oxnard-Thousand Oaks-Ventura area home is worth about $561,400, more than double the median home value of $205,000 across the United States as a whole. Top 5 fastest-growing U.S. cities for millionaires Austin, Texas West Palm Beach, Florida Scottsdale, Arizona Miami, Florida Greenwich and Darien, Connecticut The No. With more than half of all households in the metro area earning at least $75,000 a year, Napa, Calif., is one of the wealthiest metro areas in the United States. First, the metro area has a near nation-leading 6.9% unemployment rate, well above the 4.1% U.S. jobless rate in March. The wealthiest 1% of Americans hold an amazing 40% of all wealth. Around 345,600 millionaires reside in the Big Apple, alongside 15,470 multi-millionaires who have assets worth over $10 million, 737 centi-millionaires (wealth of $100 million or more) and 59 billionaires, the report said. Napa's wealth is underscored by the relative scarcity of serious financial hardship. Median salary in the city in 2019 in USD: 87,828, Median salary in the city in 2018 in USD: 81,395. There has been absolutely no change in this MSA, which is an exceptional statistic in itself. The U.K.'s London, for example, recorded a 9% drop, causing the city to fall to fourth in the overall ranking. Just under 98% of adults had at least a high school diploma, compared to 86% of adults nationwide. These are the 10 wealthiest cities in the world and the number of wealthy individuals who live in each of them according to Henley & Partners report. Some of these wealthy towns are just a short drive away from the poorest areas in the country. Homes are expensive in the New York area with a median value of $392,700. McLean is in Fairfax County, which is renowned nationally for its public schools. The typical household in the state capital earns $71,685 a year about $21,000 more than what the typical North Carolina household earns and $14,000 more than what the typical American household earns. In all but two of the country's wealthiest cities, the high incomes are offset in part by a high cost of living. Almost 20% of the countys households earn at least $200,000 a year, the third highest share among metro areas and triple the U.S. share. All but 0.8% of the citys adults had at least a high school diploma, and 88% had at least a bachelors degree, which was more than three times the national rate. The wealthiest cities in the country also tend be geographically concentrated. Hartford is one of two metro areas in Connecticut to rank among the highest earning in the nation. While tens of millions of people lost their job because of the pandemic and the ensuing lockdown, part of which is still implemented, the richest simply grew richer. The wealthiest metropolitan areas are typically home to large college-educated populations. Correction: This article has been updated to correct the number of millionaires who live in New York City. Among the largest movers on the list was Highland Park, Texas, which moved up to No. Living in the city will cost you though. While a healthy job market is important for any metro area's economy, the kinds of jobs available contribute significantly to income levels. Outside of Washington, South Kensington, Maryland, landed among the top 100 wealthiest in the 98th spot. West University Place city, Texas > Median household income: $205,136 > Total population: 15,033 > Median home value: $781,300 > Metropolitan area: Houston-The Woodlands-Sugar Land, TX. According to Zillow, the 2022 median home value is $1,112,584. San Jose covers much of Silicon Valley, a tech hub at the southern end of the San Francisco Bay Area. Median salary in the city in 2019 in USD: 89,269, Median salary in the city in 2018 in USD: 86,941. The March 2018 unemployment rate in the United States was 4.1%. The report found that 7,350 people in Tokyo are multi-millionaires, 263 have above $100 million and 12 are billionaires. These Are the 25 Richest Cities in America, U.S. Census Bureaus 2019 American Community Survey (ACS), Your Privacy Choices: Opt Out of Sale/Targeted Ads. The capital of Utah and its most populous city is also one with a great opportunity for earning well. Manchester-Nashua is one of four metro areas in the New England region to rank among the wealthiest in the country. Here are 30 great U.S. cities for older Americans 20. The top five cities with the fastest growing millionaire populations are not in the U.S., however. In the richest American cities, the large share of high-earning residents does not mean an absence of financial hardship. Housing is a significant component of the areas high cost of living. Moving from West to East, Americas second richest town is Scarsdale, New York, which is While 10% of the jobs in Santa Cruz pay less than $10 an hour, and has a very expensive housing markets, many people living in the county work outside it and earn quite a decent income. The richest communities in America for years have been in Silicon Valley and the New York City area. Minneapolis-St. Paul-Bloomington is the only metro area in Midwest to rank among the wealthiest in the country. A relatively affluent state, Californias median annual household income of $67,739 is about $10,000 higher than the national median household income across the country as a whole. In 2019 Westport homes were valued around $1,150,000; in 2022 theyre up to $1,420,125, according to Zillow. The area's high median income is partially attributable to a strong job market. Piedmont city, California > Median household income: $207,222 > Total population: 10,852 > Median home value: $1,000,000+ > Metropolitan area: San Francisco-Oakland-Hayward, CA. The city is one of the most highly-educated communities in the country. In Scarsdale, the median home was valued at more than $1,000,000. What is the richest city in the US?Atherton, California. Average household income: $525,324.Scarsdale, New York.Hillsborough, California.Cherry Hills Village, Colorado.Los Altos Hills, California.Short Hills, New Jersey.Highland Park, Texas.Glencoe, Illinois. A big reason why Southlake has become so wealthy is its proximity to the DFW International Airport, which was built in the 1970s and led the area to grow rapidly in the '80s, '90s, and '00s. NEW ALBANY, OH A Bloomberg report identified the 100 richest towns in America, and three Ohio cities made the cut. The typical metro area home is worth $712,800, or about three and a half times the value of a typical American home. America is often known in the world as the capitalist dream, with laws designed in a way to encourage innovation and promise of untold riches. Able to afford the high cost of living, a large share of Santa Rosa residents are relatively wealthy. Various major cities in Europe and Asia also saw drops among their wealthy populations. The report links this to major American companies moving their headquarters to these cities. In 2019 the median home value was more than $2,000,000now, in 2022, Zillow reports that the typical home value in the California city is a whopping $4,150,436. An 85-year Harvard study found the No. Hence, we used the median income of each city for both 2019 and 2018, and calculated the average ranking for the same, with the data having been obtained from the US Census. A Division of NBC Universal. All Rights Reserved. In this article we take a look at the 30 richest cities in the United States. If we had taken this ranking as a metric, New York would have been top as it has the most millionaires in not just US, but the entire world. Orinda city, California > Median household income: $164,437 > Total population: 18,108 > Median home value: $973,600 > Metropolitan area: San Francisco-Oakland-Hayward, CA. The wealthiest 1% of Americans hold an amazing 40% of all wealth. Top 100 City Lists Top 100 cities with highest median household income Top 100 cities with highest median household income Previous toplist Next toplist New! Like many especially wealthy communities, Scarsdale is located within commuting distance of New York City. Median salary in the city in 2019 in USD: 80,754, Median salary in the city in 2018 in USD: 82,917. Companies like Amazon, Google, Meta, SpaceX, and Tesla have expanded their presence in the city. Connecticut is one of the wealthiest states in the country, and despite ranking as one of the wealthiest metro areas in the country, Hartford's median income is lower than the state as a whole. Just 7.3% of area residents live in poverty, nearly the lowest poverty rate of any U.S. metro area and about half the U.S. poverty rate of 14.0% and the California rate of 14.3%. Considering how many A-listers have walked the streets of Brentwood, you might be surprised to find that the median home value is $1,064,755, notably less than the homes in the greater San Jose area (a.k.a. ALSO READ: The 20 Largest Private Companies in America. The typical Connecticut household earns $73,433 a year nearly $1,000 more than the typical Hartford metro area household. The In the wealthiest cities, median household incomes range from about $71,700 annually to well over $100,000. In 2019, Apple invested $1 billion to build a new campus. The report links this to booming oil and gas industries, which have flourished as energy prices have soared and boosted stock markets in these areas. What's the best place to keep money you need to use soon? Like many other especially wealthy U.S. areas, financial well-being in Southlake is not shared by many other communities in the region. The vast majority of Americans rely on employment to earn a steady income. Now the typical home value in Southlake is $1,047,548. More:Home buyers beware: Most expensive housing markets in some states average $750,000-plus. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. Despite being less wealthy than Westport, Wellesley's typical home value is $1,643,010 as of 2022, according to Zillow. Vector. Thats one takeaway from the latestBloomberg analysisof2016 U.S. Census data. The No. As of March 2018, just 2.8% of the metro areas labor force were out of a job, below both the statewide jobless rate of 3.0% and the national rate of 4.1%. Located roughly 25 miles northwest of New York City, Ridgewood is home to 25,179 residents, many of whom commute into the city for work. Goods and services in Kahului-Wailuku-Lahaina are about 7% more expensive than they are on average nationwide. 10. Wilmette may not be the richest city in America, but its one of the most educated with 83.2 percent of adults holding a bachelors degree or higher. And this isn't a common theme throughout history, it has actually increased significantly over time. The bottom 90% hold less than 25% of the total wealth. "Florida is an increasingly popular destination for retired high-net-worth individuals, especially those from the USA's East Coast cities," he said. Goods and services in the Vallejo-Fairfield metro area are about 16% more expensive than they are on average nationwide. This was no different in Glen Ridge, where nearly three-quarters of households included a married couple, compared to less than half of households nationwide. The borough of Ho-Ho-Kus is in central New Jersey, roughly an hours commute from Manhattan. And considering the lower median home value ($939,539 in 2022), its more reasonable than many of the other rich cities on this list. Billionaires got richer by $637 billion during the pandemic with Jeff Bezos and Elon Musk leading the way. The median home value is $2.06 million. More than one in four members of Piedmonts workforce were employed in these type of traditionally higher-paying jobs compared to barely one in ten workers nationwide. The reason Cupertino is so packed is the large number of tech companies with offices there, including Apple, Amazon, and Verizon, among other big businesses. One reason for Southlake's wealth? Greater educational attainment can open the door to higher paying employment opportunities, and areas with large college-educated populations tend to report higher than average incomes. High unemployment in an area can drag down the area's median household income as many households may not be earning wages. More:Thinking about where to retire? In some U.S. cities, however, more than half of all households earn well over $70,000 per year. 6. ^ Basically, the metropolitan areas of Maastricht, Lige, Hasselt-Genk, Sittard-Geleen, Heerlen-Kerkrade and Aachen-Dren constitute the densely populated urban core of the MeuseRhine Euroregion. If you want to learn more about how the billionaires got richer, you should consider taking a look at the top 20 richest people in the world. In every metro area on this list, the typical home is worth more than $205,000 the national median home value. These two cities are a model case of income disparity in small geographic areas. The typical Maryland household earns $78,945 a year, or $21,328 more than the typical American household. But thats not all the city is known for. Also, safety concerns and taxation are major drivers," Amoils said. 100 wealthiest zip codes in the United States based on IRS figures for Adjusted Gross Income. ALSO READ: States Where the Most (and Least) People Work for the Government, 9. High housing costs drive up the overall cost of living. where the concentration of wealthiest cities is the densest). Newcomers to the list include three areas in suburban Chicago. The Florida city is home to many famous faces, including Tommy Hilfiger and Sylvester Stallone. The least richest city in our list still earns nearly $80,000 which is a solid salary almost anywhere. Average household income: $405,073. The typical Fairbanks household earns $77,328 a year, nearly $20,000 above the median income nationwide of $57,617. In five metro areas on this list, the poverty rate exceeds the poverty rate across the state as a whole. You would think the biggest superpower in the world and one of the most developed countries would also have a high level of equality among the masses. Lafayette is also a place where nature lovers thrive, as it has several popular hiking trails, including the Lafayette Ridge Staging Area, and is renowned for its stunning wildflowers. A Division of NBC Universal. However, Fairbanks differs from most other cities on this list in some notable ways. Moving from West to East, Median Home Value only includes owner-occupied units. Sign up now:Get smarter about your money and career with our weekly newsletter, Top 10 U.S. towns where millionaires are buying second homes3 of them are in Florida, I flew first class for the first time everheres why the upgrade from economy was worth it, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. The city, which is home to 47,682 residents, is on the outskirts of Washington, D.C., and sits across the Potomac River from Potomac, Maryland (another one of the richest cities in America). They are located almost exclusively along the East and West Coasts including cities in Alaska and Hawaii. The Santa Rosa metro area in northern California is one of the most expensive places to live in the country. While 10.8% of the national labor force was employed in the finance and insurance sectors, just under 25% of Scarsdale's labor force was. The metro area around the Massachusetts state capital is the fifth wealthiest in the United States and the second wealthiest in New England. An even larger gap was in higher levels of education as 71.3% of Ho-Ho-Kus' adults had a bachelors degree or greater, well more than twice the national rate of 28.8%. As the nations capital, D.C. is home to many high paying legal, governmentand other professional jobs. 4. Median salary in the city in 2019 in USD: 80,196, Median salary in the city in 2018 in USD: 73,730. New Hampshire is a relatively wealthy state, and the median income in Manchester-Nashua is only slightly higher than the median income of $70,936 across the state as a whole. Less than 20 miles southwest of New York City, Westfield is considered a bedroom community for Manhattanin that many of its 29,877 residents live in New Jersey but work in the city. The truth is a complete 180 turn, with wealth inequality in the US being incredibly high. In December 2022, Austin was home to 30,500 millionaires, 86 centi-millionaires, and nine billionaires. In Scarsdale, New York, the wealthiest city, 82.7% of households consisted of a married couple, and nearly half of those had children. Houston also has one of the fastest growing millionaire populations, according to the report. Here are the 15 richest metropolitan areas in America, as determined by 24/7 Wall St1 using the most recent government data. Henley and Partner's 2023 wealth report found that America's fastest growing cities for millionaires all experienced a 70% millionaire growth from 2012 to 2022. Old Westbury lies in the heart of Long Island, about 30 miles east of midtown Manhattan. While all but one other wealthy area on this list had a median home value of at least $750,000, Southlake had a relatively low median home value of $514,900. And their families levels are far lower one with a great opportunity for earning well in Midwest rank... In five metro areas 100 richest cities in america Washington, South Kensington, Maryland, among... With Jeff Bezos and Elon Musk leading the way 92 men for every 100 in! 100 richest towns in America, as determined by 24/7 Wall Street a! Professional jobs Fairfax County, which is a complete 180 turn, wealth. 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