Meaning of the word "in existence" in English

What does "in existence" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

in existence

US /ɪn ɪɡˈzɪstəns/
UK /ɪn ɪɡˈzɪstəns/

Phrase

present or living in the world; existing

Example:
This is the oldest building in existence.
Are there any other species like this still in existence?