Commerce Secretary Howard Lutnick Reports Over $250 Million in Income

Commerce Secretary Howard Lutnick reported at least $250 million in income and other proceeds over the prior year, driven largely by financial businesses he left behind upon joining the administration of President Donald J. Trump, according to calculations from his newly released annual financial disclosure. The 74-page Office of Government Ethics filing provides the fullest accounting yet of Lutnick’s finances during his first year in government.

The largest single component of the filing was a $192 million distribution from Cantor Fitzgerald, the global financial services firm Lutnick led for decades. CNBC reported that the annual financial disclosure describes the payment as a tax distribution handled under the ethics agreement Lutnick signed before taking office. Because federal financial disclosures report many assets in broad ranges, the document does not provide a precise estimate of his total wealth. Still, the figures confirm Lutnick remains one of the wealthiest members of the Cabinet, though his income pales in comparison with the more than $2 billion President Donald J. Trump earned over the same period.

Cantor Fitzgerald Payouts and Commercial Real Estate Earnings

Beyond the primary Cantor Fitzgerald distribution, Lutnick reported millions in compensation and partnership transactions from other commercial real estate and brokerage entities. He disclosed $4.2 million in salary and bonus from commercial real estate services firm Newmark alongside $19.6 million from an exchange of Newmark partnership units. The filing also shows $14.1 million in salary and bonus from BGC Group, the global financial brokerage and technology firm he chaired, plus more than $5 million from BGC restricted stock units.

Lutnick stepped down from leadership roles at Cantor Fitzgerald, BGC Group, Newmark, and hundreds of other organizations following his confirmation as Commerce secretary in February 2025. Cantor Fitzgerald is now run by his two oldest sons.

Asset Sales and Treasury Fund Purchases

As part of the unwind of his private business interests, Lutnick reported selling at least $259 million in assets during the year, according to calculations from the disclosure. Those transactions included stakes worth more than $50 million each in Newmark, BGC Group, Cantor Fitzgerald, and CF Group Management.

To reposition his holdings, Lutnick reported at least $166 million in purchases, largely directed toward Treasury and broad-market funds. The acquisitions included more than $50 million in an S&P 500 exchange-traded fund and two separate purchases exceeding $50 million each in a Fidelity Treasury fund. Despite leaving hundreds of positions associated with his former commercial enterprises, Lutnick still listed roughly 40 outside positions as ongoing, predominantly involving trusts, property companies, and other limited liability companies.