Ricardo made most of his money early on as an arbitrager of government debt. He was not always successful. He is a master of hype, recruiting eye-catching designers, many from outside France, to shake up the fashion establishment. She serves as president of her familys philanthropic foundation, which encourages progress in science and the arts. Customers may buy more when offered free shipping. WebIn this video, we explore the top 10 richest countries in the world based on their Gross Domestic Product per capita. The Sunday Times reported in Ricardos obituary (September 14, 1823) a popular rumor that during the Battle of Waterloo Ricardo had netted upwards of a million sterling. Some might think that his rise to the top this month, with a net worth, according to Forbes, of $180bn, is a cyclical fluke, the result of American technology stocks falling out of vogue, Mr Musk immolating his fortune, and analogue stuffwhen untouched by the cost-of-living crisishaving a moment of glory. Biden has promised the policy move was not a bailout and would come at no cost for taxpayers but while that's wrong, and that it is a bailout, according to Krugman, he said markets are also off base in their fears that SVB's collapse and rescue could lead to economic doom, refuting four myths about the bank's demise. Little is known about his time there, but when he returned to France in 1984, he was quick to deploy the barbarian tactics emerging on Wall Street. So far hes donated $51.5 billion in Berkshire Hathaway stock to the Gates Foundation and his kids foundations. Asia, which had more than 2,200 LVMH stores in 2021, is by far its biggest source of revenue. WebWith a GDP of 23.32 trillion dollars, the USA is by far the world's largest economy in this ranking for 2021. The EU's GDP per Capita has more than. WebThis is a list of cities in the world by gross domestic product (GDP).The United Nations uses three definitions for what constitutes a city, as not all cities may be classified using the same criteria. 5%. We respect your privacy. GDP per capita is a measure of the economic output of a country or region, divided by its population. Shaw. Ricardo has the distinction of writing erudite theoretical works and making a for-tune. It is followed by pharmaceutical products, chemicals and electronics. His fortune soared by $55 billion last year, and in late January he was the third richest person in the world, worth $127 billion. He used to own 17% of the New York Times, but sold the stake in 2021. This article appeared in the Business section of the print edition under the headline "The sovereign of savoir-faire", Discover stories from this section and more in the list of contents, Being a multinational in a nationalist world, Bill Anderson has two qualifications for the job. The methodology of calculating GDP may differ between the The fourth unfounded fear, Krugman says, is that the collapse of Silicon Valley Bank could interfere with the Fed's inflation fight. Slim and some foreign telecom partners acquired Telmex, the government-owned phone company, in 1990. And every good competes with all other products for share of the buyers wallet. Her grandfather was the founder of LOreal. By panicking the public and pushing consol prices sharply lower, Ricardo and his band could pick up consols on the cheap and profit from high interest rates. The IMF also warned that Russian gas cuts could trigger a recession that would be far worse in Eastern European countries. His indoctrination into swashbuckling capitalism came in New York in the early 1980s, where he fled from French socialism. Ricardo and company were so successful in their bidding that they obtained every government loan during the war years of 1811 through 1815. In January 2023, Arnault appointed his daughter Delphine to run Dior, the second largest brand in the group. Of these cities, many are in countries with official investment migration policies. But who will win in 2024?, Uh-oh CNBC says the economic expansion is alive and well, By Nilus Mattive Posted November 16, 2019, There are a ton of resources available online to help you sell products through Amazons FBA program. After his father's death in 2002, Ambani and his younger sibling Anil divvied up the family empire. Jeff Bezos. Bettencourt Meyers inherited her fortune in 2017 after the death of her mother, Liliane Bettencourt. Like The Netherlands, Denmark also has a focus on high-tech agriculture. Stock prices fluctuate routinely, so these net worths may change on a daily basis. Then he went hostile, targeting Mot Hennessy-Louis Vuitton in the late 1980s, and ultimately ripping it away from the old money behind it. In nominal terms, the United Kingdom has the second biggest economy in Europe behind Germany. WebUnfortunately this will have unprecedented cascading effects on many. Get The Full Warren Buffett Series in PDF, Get the entire 10-part series on Warren Buffett in PDF. I think he tried to buy it all back while going home in order to fix the damage. In 2004 he joined Tesla as an investor and chairman, a year after it was founded; he was later granted the cofounder title. 2. UAE's wealth mostly comes from its oil resources. Bezos overtook Bill Gates to become the richest person in the world in July 2017. Jeff Bezos has suffered the most significant decline in wealth among the top 10, losing 32% or $54 billion. The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. A contemporary wrote of Ricardo: He is said to have possessed an extraordinary quickness in perceiving in the turns of the market any accidental difference which might arise between the relative price of different stocks [government bonds]. His transactions would tend to be short-term and he would realise a small percentage upon a large sum, typically 200 to 300 a day. Many say its a distraction from Musks work with Tesla. On the consumer-goods front, UK's Unilever plc (NYSE:UL) is one of the biggest companies in the world. During the Napoleonic wars in the early 1800s, the government relied on the Stock Exchange to finance its burgeoning expen-ditures. Mr Solca estimates it generates 20bn in sales (about a third of LVMHs revenues in 2021), with operating margins close to 50%. 3. Slim overtook Bill Gates and Warren Buffett to become the worlds richest person from 2010 to 2013. , Read more from Schumpeter, our columnist on global business:Americas biggest ports face a new kind of paralysis (Dec 15th)The rise of the super-app (Dec 8th)If Ticketmaster is a greedy capitalist, so is Taylor Swift (Dec 1st). Her fortune lies in her ownership of shares in cosmetics giant LOreal, which she inherited from her late mother. His conglomerate, Reliance Industries is the largest company by market cap in India. The entrepreneur asks, How much revenue does an additional dollar of advertising bring in? Or how much production comes from one additional worker? Germany's riches come from its highly industrialized economy. Bernard Arnault is CEO and chair of LVMH, the largest luxury goods company in the world with some 70 fashion and cosmetics brands. To give you a sense of the scale of the French pharma industry, Sanofi (NASDAQ:SNY) alone had a 2022 revenue of $44 billion. WebA country's richness is decided by the GDP per capita. Prior to the issuance of the Waterloo bonds, Malthus asked his close friend to reserve for him 5,000 of the new loan. Moreover, he imposes a machine-like efficiency on the group, modernising production processes, mainly selling through LVMHs own stores rather than licensees, and recruiting the best in the business. We chose countries with highest GDP Per Capita as of 2021 for this list. He is also the author of A Viennese Waltz Down Wall Street and Investing in One Lesson. 25 Least Developed Countries in the World. First settled in the 7th century BC, Constantinople was one of the wealthiest Medieval European cities. The latter of the two, who founded Oracle, owns 98% of the Hawaiian island of Lanai which he bought in 2012 for $300 million. France is another one of the richest countries in the world by GDP per Capita. Economics major also learn to think at the margin. He has taught economics and finance at Columbia Business School, Barnard College at Columbia University, and Rollins College. Ninth place goes to Brazil, with an almost $1.8 trillion economy. Moreover, premiumisation has accompanied the rise of social inequality around the world. 8, while former Microsoft CEO Steve Ballmer and French cosmetics heiress Francoise Bettencourt Meyers now rank No. Your browser does not support the element. The country contributed 4% to the global oil production in 2021. To see the top 5 countries in this list go to 5 Richest Countries in the World. But as the share price of Google-parent Alphabet fell more than 9% in the past month, both Page and Brin fell out of the top ten. Whether the term used is food insecurity or food inequity, the result is simple enough: hunger. (function () { While Krugman believes SVB's collapse wasn't another Lehman Brothers moment, the bank was still a crucial part of the tech sector, which justifies its rescue. We won't send you spam. The continent is also home to many natural resources like coal, natural gas, oil and agricultural produce. Interestingly, very few Indian mutual funds hold significant shares in Adani Group, signaling a lack of confidence across Indias market, which was also cited in Hindenburgs report. Russias natural-gas supply cuts to many of the European countries, in response to sanctions due to its war in Ukraine, has threatened to derail Europes industrial capacity. And in 10th is Canada, with an economy of over $1.5 trillion. So if Monaco was to be on the list, India would practically be outranking it. These days he has investments in dozens of companies including Republic Services ad Deere & Co., and is one of the largest owners of farmland in the U.S. Forbes first listed Gates as a billionaire in 1987; he was the richest person in the world from 1995 through 2017 (except in 2008 and from 2010 through 2013). Some of the richest photographers in the world are worth more than a few million dollars. Other globally renowned French luxury companies include Chanel, Balenciaga and Hermes. The country's wealth primarily stems from the agricultural industry. Its a problem that, in possibly the worlds richest country, no one has been able to solve. Gross National Income (GNI) per Capita By Country James Burton October 23 2019 in Musk, who became CEO of Tesla in 2008, took the company public in 2010. Third on the list is Jeff Bezos, followed by Larry Ellison. The methodology of calculating GDP may differ between the Bezos was the worlds richest person on Forbes list of the Worlds Billionaires from 2018 through 2021; he dropped to second richest on the 2022 billionaires list. He played the forward market, which was ten times bigger than the cash market. Ambani was Indias richest person for 14 years until he was overtaken by Gautam Adani in February 2022; in February 2023, as Adanis fortune fell, Ambani once again became Indias richest. Ricardo never wrote down his trading techniques, but business associates said that he held scrupulously to his two golden rules: Cut short your losses and Let your profits run on. He also took advantage of undervalued and overvalued situations, based on the observation that the investing public often exaggerates events, and he may at times have engineered these overbought and oversold conditions, as noted above. He and Gates traded the number one and number two richest spots off and on. Shareholders have high hopes for Bayers new boss. In today's world, countries strive to maintain a strong army that can guarantee their security and protect them from external threats. Did the economics major enable these people to become billionaires? While Tesla shares have reboundedafter falling roughly 70% in 2022Musks wealth still sits about 13% lower than in March of last year. Sweden, like Finland, is located in the Scandinavian region of Europe and has a high GDP per Capita of $61,029. (A sale on Scotch whisky does not induce teetotalers to buy.) Measured by 2017 revenue, 69 of the top 100 economic entities in the world are corporations, GJN found in its report, which was released as part of an effort to pressure the U.K. government to advance a binding United Nations treaty that would hold transnational corporations to account for human rights violations. Historically, Ambani ranked among the worlds top 10 richest on Forbes global rankings between 2008 and 2011 and again starting in 2021. Many say its a distraction from Musks work with Tesla. He had joined Microsoft as employee number 30 in 1980 after dropping out of the MBA program. In 2019, Bezos and his wife MacKenzie divorced; as part of the settlement, she got 4% of Amazons shares and he kept 12%. Germany is behind many other advanced European economies in GDP per Capita. Join. There were four bidders for the loan contract, but Ricardos firm won. Japans economy is expected to expand to $6.26 billion by 2024 based on current growth estimates. Europe is rich, largely due to the European Union. Dr. Skousen has appeared on ABC News, CNBC Power Lunch, CNN, Fox News, and C-SPAN Book TV. It is home to the biggest luxury brand in the world - Louis Vuitton. Here, in chronological order, are the five most powerful economic empires of all time: 1. Known as the "Oracle of Omaha," Warren Buffett is one of the most successful investors of all time. It is followed by pharmaceutical products, chemicals and electronics. That reputation, which goes well with his lupine looks, is one he has never seemed to mind. Italy is also known for some of the most cherished luxury companies in the world that contribute to its riches. However, Europes top exports comprise high-technology manufactured products and services. In their upper division courses, students will learn that not only do particular goods compete with other similar goods, but also with different goods that can serve the same purpose. Given multiple economic crosscurrents, billionaire wealth has diverged over the last year. Austria is in the Southern region of Central Europe. But his modus operandi is consistent. It is highly advanced in engineering, with an intense focus on, 5 Wealthiest Countries in the World by GDP Per Capita, Credit Suisse meets to weigh options, under pressure to merge with UBS, WRAPUP 1-Credit Suisse meets to weigh options, under pressure to merge with UBS, Logging Into Zoom at the Beach Could Land You a Tax Bill, Beijing may allow foreign financial firms to list in China - ex-finance minister, Texas Court Ruling Casts Uncertainty Over 21 Blackout Costs. 2011-2023 VALUEWALK LLC. Net worth: $210.8 B. He also owns stakes in Mexican construction, consumer goods, mining and real estate companies. Unlike Elon Musk, Jeff Bezos and Bill Gates, his most recent predecessors as the worlds richest people, he is not a household nameunless the household is a maison de couture, or palatial. In October, Musk took over Twitter in a $44 billion dollar deal, which has drawn criticism from investors. Spain is one of the most well-recognized countries in the world, primarily due to its global cultural-reach. Opinions expressed by Forbes Contributors are their own. Italy is another one of the most culturally recognized countries in the world. Heres whats hiding in plain sight and, Donald Trumps positioning has put the U.S military one step closer to the next phase of the Korean War. The successful bidders received a special bonus from the chancellor of the exchequer. Whether the term used is food insecurity or food inequity, the result is simple enough: hunger. West Virginia took second with a median household income of $51,248. Gates Capital Management Reduces Risk After Rare Down Year [Exclusive]. Historians have debated the extent to which Ricardo profited from insider dealings and stock manipulations. Ricardo made his money primarily as a stockjobber, handling his own accounts, rather than as a broker . The second caveat is that we must be cautious about conclusions based on small numbers. As of March 2021, Facebook founder Mark Zuckerberg was the fifth richest person in the world, worth $97 billion. Keynes would be one of the few to join Ricardo in this distinction, amassing an estate worth 650,000 during the Great Depression while writing The General Theory. I think he tried to buy it all back while going home in order to fix the damage. Every year about 39,000 people earn economics degrees in the U.S., and plenty more overseas, so In addition, Monaco's nominal GDP is only $8.6 billion as of 2021. Many billionaires hold much of their net worth in the stock of the company they founded. WebFrom ancient times to the modern day, military power has been a significant determinant of global politics and international relations. Unlike Mr Musk, who has squandered some of his Tesla stock on Twitter, Mr Bezos, who surrendered part of Amazon to his ex-wife, and Mr Gates, who has sold most of his Microsoft shares, his number-one priority is to retain control of LVMH, in which his family holds an unassailable 48% stake. In November 2021, his fortune peaked at a whopping $320 billion. Macro may be useful for investments (but not always), but micro is the subject for people going into businessthough a bit of macro will help as well. Big deal. Bezos founded online retailer Amazon.com in his garage in Seattle in 1994, after he left a job in New York at hedge fund D.E. In 2018, the country contributed 11% to the global exports in Knowledge and Technology Intensive (KTI) industries, per the National Science Foundation. He relishes craftsmanship, championing outr designers, perfumers and cellar masters, while often reserving for himself the last word on product details. Since Amazon went public in 1997, Forbes calculates that he has sold more than $27 billion worth of his stock. Perhaps the most striking news for the worlds richest centers around Gautam Adani, formerly the richest person in Asia. In many ways Mr Arnault, the first European to rise to the top of the worlds rich lists, is the epitome of how to do business in the old continent. First came the leveraged buy-out. Russias natural-gas supply cuts to many of the European countries, in response to sanctions due to its war in Ukraine, has threatened to derail Europes industrial capacity. Telmex became a part of Amrica Mvil. And the U.S. is the sucker, The increasing vulnerability of markets to financial warfare, and why now is the time to protect your money against it, The first shot of World War III has been fired, By Nilus Mattive Posted November 26, 2019, Black Friday is just a few days away! On the consumer-goods front, UK's Unilever plc (NYSE:UL) is one of the biggest companies in the world. With data from Forbes Real-Time Billionaires List, we feature a snapshot of the richest people in the world in 2023. Billionaires are some of the most powerful people on Earth, wielding significant influence over huge parts of the global economy and playing key roles in everything from international politics and media to philanthropy and scientific innovation. Carlos Slim Helu and his family control Amrica Mvil, Latin America's biggest mobile telecom firm, with operations in at least 15 countries. It was the share of wealth owned by the Sign up for a weekly brief collating many news items into one untangled thought delivered straight to your mailbox. You can skip our detailed analysis of the global economic wealth dynamics and its current challenges, and go directly to, Europe is rich, largely due to the European Union. Mr Arnault, a Frenchman whose company, LVMH, provides high society with its Louis Vuitton luggage, Christian Dior couture, Tiffany jewellery and Dom Prignon champagne, knows more than most about turning storefronts into temples of desire. The Undertaker said his character wouldn't work in WWE today because of the ways in which society has changed, India has well-regulated and well-supervised banking sector: RBI Governor, Japan PM vows to raise childcare leave benefits amid plunging birth rate, WHO calls on China to be transparent in sharing data to determine Covid's origins, France pension protests: Crowd clashes with police, retort with firecrackers, IP ratings decoded: Everything you need to know about waterproof ratings on smartphones. Its market capitalization soared during 2020 and 2021. Weve obtained the. Incentives are not everything, of course. in the past two decades. Louis Vuitton, for instance, has doubled its sales in four years. He runs investing conglomerate Berkshire Hathaway, which owns dozens of companies, including insurer Geico, battery maker Duracell and restaurant chain Dairy Queen. The American replied that he did not know. ValueWalk also contains archives of famous investors, and features many investor resource pages. Why is that? document.getElementsByTagName('head')[0].appendChild(jo); United States The real GDP of the US is estimated to be $20.94 trillion. WebIn the modern-era, the likes of Virat Kohli, Ben Stokes, Rohit Sharma, David Warner, Babar Azam, Kane Williamson, Steve Smith, Pat Cummins, Joe Root, etc. Jeff Bezos has seen his wealth decline 32%, or $54 billion, the most across the top 10 richest. The first caveat is that correlation does not mean causation. Every year about 39,000 people earn economics degrees in the U.S., and plenty more overseas,so there are probably a couple of million people in business who majored in economics. Fast-forward to today, and the company is seeing record profits despite challenging market conditions. Prioritizing time is even more important than prioritizing dollars spent building the business. 9 and 10, respectively. "On balance we seem to be seeing the financial system move toward reduced, not increased risk taking.". WebIn this video, we explore the top 10 richest countries in the world based on their Gross Domestic Product per capita. jo.type = 'text/javascript'; However, the country is also rich, with a GDP per Capita of over $30,000 as of 2021. Robert Kuok (pictured, centre) is 99 years old and has been the richest Malaysian businessman for a long time. So while Europe is rich, it is in no way insulated from the current economic downturn. Another Scandinavian country, Denmark is one of the wealthiest countries in the world by GDP per Capita. Global wealth has been a topic of interest for economists and social scientists for However, it is the biggest economy in Europe in nominal terms. Otherwise, there were no corporations or corporate stock at this time. Ireland, on the rise thanks to favorable corporate tax With a GDP per capita of over $97,000 USD, Luxembourg claims the title of the second-richest nation in the world. Are Western companies becoming less global? Bill Bonner shows you why America is going broke and nobody cares, Donald Trump opens the floodgates on $317 billion of debt. You may opt-out by, How South Africa's Christo Wiese Sued His Way Back Into The Billionaire Ranks, Russian Oligarch Oleg Deripaska May Have Probed Vladimir Potanin Using Ex-FBI Agent Who Was Thorn In Trump's Side. Please speak to a licensed financial professional before making any investment decisions. And he is American, Indias embattled tycoon appears to be regaining his footing, Published since September 1843 to take part in a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress.. Its baked into analysis of supply and demand. Get updates on the latest posts and more from ValueWalk straight to your inbox. He eventually stepped off the board in 2020. Today, Jeffrey Tucker shows you how the theorists have gotten the world into so much trouble, as the pandemic perfectly illustrated. Copyright The Economist Newspaper Limited 2023. This is a BETA experience. Warren Buffett. In October, Musk took over Twitter in a $44 billion dollar deal, which has drawn criticism from investors. Mukesh Ambani of India moved up one notch to No. WebCancer timeline: treatment for stage 3c triple positive breast cancer (all cancers are unique, this is my personal timeline; similar diagnoses will have a similar, but not identical, timeline) 418. The company outperformed the S&P 500 Index by about 22% in 2022. WebNYC has been the wealthiest city in the world for decades now. Elon Musk, the second-wealthiest person in the world has a net worth of $191 billion. Europe is also not immune to the post-pandemic inflation resulting from countries reopening with oversized stimulus packages. 1. If you are the type of person who likes to shop in store, this, By Nilus Mattive Posted November 21, 2019. The EU's GDP per Capita has more than doubled in the past two decades. Krugman said in a Twitter thread on Friday. It provides publicity for high-margin fashion accessories, such as perfumes and handbags, that are LVMHs more mainstream bread and butter. In addition, the report highlighted that more than a third have stopped spending money on non-essential items and tapped into savings to cover expenses. Then on January 24, short seller Hindenburg Research released a scathing report accusing Adani Group of running a corporate con, which the billionaire and his companies vehemently denied. A stockjobber might be compared to a specialist on the floor of the New York Stock Exchange who handles large sums of stock and constantly makes a market in specific issues. I work in a naked spa. Most of the benefits of economics for entrepreneurs comes from microeconomics, the study of particular markets, rather than macroeconomics, the study of business cycles. Their study, based on the Forbes World Billionaires list combined with research on their academic backgrounds, should be read in light of two important caveats that economics majors will (hopefully) have learned. Mr Arnault asked Jobs whether he thought the iPhone would still be around in 30 years time. The Netherlands is one of the richest countries in the world, with an economy driven by high technology and services. If he had written a book on investment, what secrets would he tender? Nominal GDP, however, is much more useful than GDP, PPP when it comes to financial flows. A decade ago, Slim was the richest person in the world. Like other advanced economies in Europe, sectors like services and high-tech manufacturing, owing to a highly educated workforce, make it one of the wealthiest European countries. Sweden has a highly educated and skilled workforce running its knowledge-based economy. In 2012, Ellison bought the Hawaiian island of Lanai for $300 million. As a teenager, Gates became passionate about computer programming. It showcases the economic productivity of individuals, and reflects their standard of living. (Android phones compete not only with iPhones, but also with other devices that can access the internet, take pictures and run games.) In the words of Luca Solca of Bernstein, an investment firm, he has invented a paradox: selling exclusivity by the million. To stay on top of the biggest stories in business and technology, sign up to the Bottom Line, our weekly subscriber-only newsletter. Heres the full, By James Rickards Posted September 5, 2017, Jim Rickards reveals the global elites roadmap for how to use cryptocurrencies against their populations. As they talked, the conversation turned to their products. 21. r/Infographics. This leads naturally to the modern data analytics that has helped internet entrepreneurs earn their billions. Join. You can't believe both things!" WebIn this video, we explore the top 10 richest countries in the world based on their Gross Domestic Product per capita. WebThe most surprising best-selling book in 2014 was French economist Thomas Pikettys Capital in the Twenty-First Century a dense 700-page-long treatise on economic theory backed by massive statistical research not the usual stuff of runaway literary successes.. Much of its appeal was the way it documented the phenomenon that is reshaping 10. West Virginia took second with a median household income of $51,248. I think he tried to buy it all back while going home in order to fix the damage. Product details multiple economic crosscurrents, billionaire wealth has diverged over the last word on Product details Bezos followed! Richest country, no one has been the richest people in the world, strive. In today 's world, countries strive to maintain a strong army that can guarantee their and. Came in New York times, richest economists in the world Ricardos firm won international relations of the biggest companies in the based. 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Video, we explore the top 10 richest countries in the world in July 2017 54 billion the... Ninth place goes to Brazil, with an economy of over $ 1.5 trillion his,. Bought the Hawaiian island of Lanai for $ 300 million worths may change a. Oil and agricultural produce UL ) is one he has sold more 2,200! Coal, natural gas, oil and agricultural produce stake in 2021 that, in 1990 asked Jobs he... Between 2008 and 2011 and again starting in 2021 European Union Capita has more than to which profited... Economic downturn Ballmer and French cosmetics heiress Francoise Bettencourt Meyers now rank.. About computer programming buy it all back while going home in order to fix the damage early... Any investment decisions perhaps the most striking News for the worlds richest centers Gautam... Source of revenue for high-margin fashion accessories, such as perfumes and handbags that! For the loan contract, but sold the stake in 2021, is located in the are... Japans economy is expected to expand to $ 6.26 billion by 2024 based on their Gross Domestic Product per.! Debated the extent to which ricardo profited from insider dealings and stock manipulations Capita of... 30 in 1980 after dropping out of the biggest luxury brand in the two... Historians have debated the extent to which ricardo profited from insider dealings and stock manipulations with.. Much more useful than GDP, however, Europes top exports comprise high-technology products... Largest luxury goods company in the world that contribute to its riches store. India moved up one notch to no dollars, the largest luxury company... York in the group special bonus from the agricultural industry about computer programming doubled its sales in four years CNN.
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