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From The Collaborative International Dictionary of English v.0.48:
yuppie \yup"pie\, yuppy \yup"py\(y[u^]p"p[y^]), n. [young urban professional + -ie.] an ambitious young adult, usually college-educated, living in or near a large city, with a professional career and an affluent lifestyle. The "u" in the word is sometimes interpreted as meaning "upwardly mobile". [PJC]