Commerce Secretary Howard Lutnick reported at least $250 million in income and other income last year, much of it from the financial business he left behind at the start of the Trump administration, according to calculations based on CNBC’s new 2025 annual financial disclosures.
The largest was a $192 million distribution from Cantor Fitzgerald, the global financial services firm that Lutnick led for decades. His annual financial disclosure describes the payment as a tax share treated under an ethics agreement he signed before taking office.
The 74-page filing, obtained by CNBC from the Office of Government Ethics, provides a detailed account of Lutnick’s finances so far in his first year in office. The filing does not provide a precise estimate of his wealth, as federal financial disclosures report a wide range of assets.
Still, while Lutnick remains one of the wealthiest members of Trump’s cabinet, that pales in comparison to the more than $2 billion the president earned last year.
Lutnick also disclosed $4.2 million in salary and bonuses from the commercial real estate services company. Newmark and $19.6 million from the exchange of Newmark Partnership Units. In addition, he received $14.1 million in salary and bonuses. BGC GroupGlobal Financial Intermediation and Technology, where he served as Chairman, and earned more than $5 million from BGC Restricted Stock Unit.
The former Wall Street executive stepped down from leadership roles at Kantar, BGC, Newmark and hundreds of other organizations after being confirmed by the Secretary of Commerce in February 2025. Kantor is currently run by his two eldest sons.
As part of that mitigation, Lutnick reported selling at least $259 million in assets that year, according to CNBC calculations based on disclosures. The deal included more than $50 million worth of stock each in Newmark, BGC, Cantor Fitzgerald and CF Group Management.
He also reported at least $166 million in purchases, primarily in Treasury and broad market funds. He purchased more than $50 million in S&P 500 exchange-traded funds and also made two separate purchases of more than $50 million in Fidelity Treasury funds.
Despite retaining hundreds of positions related to his previous business, Lutnick lists about 40 outside positions, primarily involving trusts, real estate companies and other LLCs, as ongoing.
