Meaning of the word "top tier" in English

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

top tier

US /tɑp tɪr/
UK /tɒp tɪər/

Adjective

of the highest quality or rank

Example:
This university is considered a top-tier institution.
Only top-tier athletes compete in the Olympics.