United States

A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.The U.S. has rapidly overwhelmed China as the world's top spot for millionaires and billionaires, according a new report.  There are now more than 5.5 million Americans with liquid investible assets of more than $1 million, up 62% over the past decade and well above the global growth rate of 38%, according to…

Fanatics founder and CEO Michael Rubin at his office in New York.The Washington Post | Getty ImagesSports merchandise giant Fanatics is firing back against sportsbook giant DraftKings in an ongoing legal fight over Fanatics' hiring of a top DraftKings executive.In a legal brief filed late Thursday in U.S. District Court in Massachusetts, Fanatics accuses DraftKings of distorting reality and character assassination of its former senior vice president of business development, Michael Hermalyn.In February, Hermalyn accepted…

A BYD Seagull small electric car is on display during the 20th Shanghai International Automobile Industry Exhibition at the National Exhibition and Convention Center (Shanghai)Vcg | Visual China Group | Getty ImagesLIVONIA, Mich. – A small electric vehicle is having a big impact on the global automotive industry.It's not the EV itself that's making waves but its price — and its potential to disrupt domestic auto industries around the world.The China-built BYD Seagull, a small all-electric hatchback, starts at just 69,800…

A new report found that New York City is the No. 1 place for ultra-high-net-worth individuals to own a property.Alexander Spatari | Moment | Getty ImagesA version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.New York still leads the U.S. and the world when it comes to wealthy cities.With nearly 350,000 millionaires and 60 billionaires, the Big Apple is the richest…

Boxes of Wegovy made by Novo Nordisk are seen at a pharmacy in London, Britain March 8, 2024. Hollie Adams | ReutersMedicare can start covering certain weight loss drugs for the first time – as long as they are approved for an added health benefit, the Centers for Medicare and Medicaid Services said Thursday.That opens up the door for broader coverage of some highly popular weight loss medications such as Novo Nordisk's Wegovy, which is now approved in the U.S. for heart health. Those treatments have skyrocketed in demand…

Maskot | Maskot | Getty ImagesAfter a year of supply shortages and climbing borrowing costs, 2024 is shaping up to be a better time to buy a car.The average transaction price for a new car in the U.S. in February was $47,244, down 2.2% from February 2023. That's also down 5.4% from the market peak in December 2022, according to Kelley Blue Book.But new cars are still generally expensive; prices are nearly 14% higher than in February 2021.Incentives such as rebates and discounts are slowly making a comeback as inventory…

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 7, 2024.Brendan Mcdermid | ReutersThe forces that consumed three regional lenders in March 2023 have left hundreds of smaller banks wounded, as merger activity — a key potential lifeline — has slowed to a trickle.As the memory of last year's regional banking crisis begins to fade, it's easy to believe the industry is in the clear. But the high interest rates that caused the collapse of Silicon Valley Bank and its peers in 2023…

Although consumer demand for EVs hasn't shown up in the way executives had expected, sales of the vehicles are still predicted to increase in the years to come.Andrew Merry | Moment | Getty ImagesDETROIT — The buzz around electric vehicles is wearing off.For years, the automotive industry has been in a state of EV euphoria. Automakers trotted out optimistic sales forecasts for electric models and announced ambitious targets for EV growth. Wall Street boosted valuations for legacy automakers and startup entrants alike,…

Read CNBC's full investigation into the alleged organized theft groups that police say are stealing and reselling items from retailers including Ulta Beauty, T.J. Maxx and Walgreens.Faced with sophisticated organized retail crime rings that investigators say have targeted his company, Ulta Beauty CEO Dave Kimbell is laying some blame on e-commerce sites.In the first in-depth interview given by a retail CEO about organized theft, Kimbell responded to a monthslong CNBC investigation that showed how police broke up what they…

The Audi SQ6 e-tron SUV.AudiAudi on Monday revealed its new all-electric Q6 e-tron SUV, the first production vehicle on its next-generation electric vehicle architecture.The Volkswagen-owned luxury carmaker says the new "Premium Platform Electric" opens up new levels of technology for Audi, including a rapid EV recharge time of 158 miles in 10 minutes.The vehicle ushers in the next generation of EVs for Audi, which continues to offer more all-electric and plug-in hybrid EVs despite growth slowing recently for EVs.Audi…