According to CNBC, based on the newly released 2025 annual financial disclosure by U.S. Secretary of Commerce Howard Lutnick ( Howard Lutnick ), he reported at least $250 million in income and other earnings last year, with the majority of that coming from his financial operations prior to joining the Trump administration.
The largest amount comes from a $192 million allocation from the global financial services company Cantor Fitzgerald. Lutnick led this company for several decades. In his annual financial disclosure, he described this payment as a tax allocation handled in accordance with the ethics agreement he signed before taking office.
The 74-page document obtained by CNBC from the Government Ethics Office provides the most comprehensive account of Lutnick's financial situation during his first year in government service. Since federal financial disclosures report many assets within a broader range, this document does not provide an exact estimate of his wealth.
Nevertheless, Lutnick remains one of the wealthiest members of Trump's cabinet, but his wealth pales in comparison to the president's earnings of over $2 billion last year.
Lutnick also disclosed that he received $4.2 million in salary and bonuses from the commercial real estate services company Newmark, as well as $19.6 million through exchange of Newmark partnership units. In addition, he received $14.1 million in salary and bonuses from the global financial brokerage and technology company BGC Group, and over $5 million from BGC restricted stock units.
After being confirmed as the Secretary of Commerce in February 2025, this former Wall Street executive resigned from his leadership positions at Cantor, BGC, Newmark, and hundreds of other organizations. Today, Cantor is operated by his two eldest sons.
As part of this exit, Lutnick reported, according to the calculations in CNBC, that at least $259 million in assets were sold that year. The transactions included holdings valued at over $50 million each in Newmark, BGC, Cantor Fitzgerald, and CF Group Management.
He also reported purchasing at least $166 million in assets, mainly U.S. Treasury bonds and broad market funds. He bought more than $50 million in S&P 500 exchange-traded funds (ETFs) and purchased more than $50 million in Fidelity Treasury bond funds on two separate occasions.
Despite having resigned from hundreds of positions related to his previous company, Lutnick still lists about 40 ongoing external positions, mainly involving trusts, real estate companies, and other limited liability companies.
