The number of known species is continually in flux as new species are found, taxonomic categories adjusted, and redundancies recognized. Compounding the problem is the fact that diversity is not evenly distributed across species, regions, or the planet. Seventy percent of the world's species occur in only 12 countries: Australia, Brazil, China, Columbia, Ecuador, India, Indonesia, Madagascar, Mexico, Peru, and Zaire. Current estimates of the total number of species on Earth range from 5 to 30 million, of which, the 2005 Millennium Ecosystem Assessment notes approximately 2 million have been formally described.
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Some species, such as many large mammal, butterfly, bird, plant, and insect species, have been well studied. Over half of all described species are insects, including nearly 300,000 known beetles. However, the estimated number of insects on Earth is thought to be close to 8 million and, proportionally, scientists are closer to naming all plant and vertebrate species. Little continues to be known about the distribution and biology of vast numbers of species groups, including arthropods, fungi, and nematodes.
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The Environmental Literacy Council - How Many Species are There?