INSEAD, a contraction of "Institut Européen d'Administration des Affaires" (lit. 'European Institute of Business Administration') is a non-profit business school that maintains campuses in Europe (Fontainebleau, France), Asia (Singapore), the Middle East (Abu Dhabi, UAE), and North America (San Francisco, United States). As a graduate-only business school, INSEAD offers a full-time Master of Business Administration, an executive MBA (EMBA), a Master of Finance, a PhD in management, a Master in Management, Business Foundations Post-Graduate degrees, and a variety of executive education programs. INSEAD is considered to be one of the most prestigious business schools in the world. Its MBA, taught in English, is consistently ranked among the best in the world. There are 64,000 INSEAD alumni across the world. The MBA has produced the second most CEOs of the 500 largest companies, after only Harvard Business School's, and the sixth most billionaires. It also educated three heads of state. INSEAD is among the top 20 universities that produce the most millionaires, even despite being an exclusively graduate and specialist business school with fewer degree programs and alumni than the other full universities in the top 20. As of 2022, in every four startups in Europe that achieved the unicorn status (private company with more than $1 billion in valuation), one was founded by an INSEAD alumnus.INSEAD admits no more than 12% of students of the same nationality and requires each student to speak two languages on entry and three languages by graduation.