NEW YORK (CNNMoney) -- Despite the Great Recession, which wiped out $15.5 trillion in household wealth in the United States alone, the number of millionaires in this country and abroad will grow rapidly over the next decade. In the U.S., the total number of families with a net worth of over $1 million, including real estate, will double by 2020, according to a report by the Deloitte Center for Fi.. more

NEW YORK (CNNMoney) -- Connecticut residents: Get ready to pay more taxes! Governor Dannel Malloy on Wednesday signed a $40.1 billion budget that raises taxes on sales, income, cigarettes and corporations. The two-year plan, which also cuts spending, depends on state employees agreeing to $2 billion in concessions between now and 2013. The governor said he could send out more than 4,000 layoff n.. more

NEW YORK (CNNMoney) -- Troubled mortgage giant Freddie Mac says that it doesn't need additional funding from the U.S. Treasury, after posting its second profit since its government bailout. The McLean, Va.-based company said late Wednesday that it posted net income of $676 million in the first quarter, compared to a loss of $6.7 billion a year earlier. The last time Freddie Mac posted a profit wa.. more

NEW YORK (CNNMoney) -- Round-trip airfare from New York to Los Angeles. More than a dozen dinners for two at Applebee's. Two 16 GB iPod nanos. These are just a few of the things you could have bought if you weren't spending $368.09 a month on gasoline. That's the average amount American households spent on gas in April, according to an exclusive analysis of data by the Oil Price Information Serv.. more

NEW YORK (CNNMoney) -- The number of Americans filing for their first week of unemployment benefits surged last week, the government said Thursday. The number of initial claims rose to 474,000 in the week ended April 30, up 43,000 from the week before. It was the highest level since August, and a big surprise to economists, who were expecting initial claims to drop to 400,000 in the latest report.. more

NEW YORK (CNNMoney) -- General Motors posted its best operating results in 11 years in the first quarter, lifted by a jump in sales and strong pricing. With rivals Ford Motor (F, Fortune 500) and Chrysler Group also posting profits in the first quarter, this the first time since 2004 that all of Detroit's Big 3 automakers have been in the black at the same time. It is a stunning turnaround for t.. more

NEW YORK�(CNNMoney) -- U.S. futures were set for a lower open Thursday after a report released Thursday morning showed continued weakness in the labor market. The number of people filing first-time unemployment claims surged to 474,000 in the latest week -- its highest total in 8 months -- according to a government report. Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COM.. more

FORTUNE -- Wal-Mart wins the battle for No. 1 for the second year in a row, knocking out its chief competitor for the title of America's largest company, Exxon Mobil. The retail champ earned its place at the top with a staggering $421 billion in sales. And despite softness in the U.S. market and a nagging class action suit alleging sex discrimination that's currently before the U.S. Supreme Court.. more

FORTUNE -- Chinese companies have created more than 10,000 American jobs in 35 states as they seek to go global and expand into the U.S. market -- investing more than $5 billion here in 2010 alone. But the unfortunate perception that Chinese investments are unwelcome in the U.S. for political reasons risks deterring further investment, turning away the opportunity for further capital inflows and .. more

NEW YORK (CNNMoney) -- Shares of Renren, China's largest social-networking service, jumped 39% Wednesday in its debut on the U.S. stock market. Renren (RENN) started its first day of trading on the New York Stock Exchange at $14 a share, but it quickly rose to $19.50 in morning trading. The so-called Facebook of China upped its debut price. Last month, it said in a filing to the Securities and E.. more