Commerce Secretary Howard Lutnick disclosed earning over $250 million in income and other proceeds in 2025, largely stemming from his financial interests prior to joining the Trump administration. His annual financial disclosure reveals that a major portion of this amount came from a $192 million distribution from Cantor Fitzgerald, the firm he previously led. The payment was categorized as a tax distribution managed under an ethics agreement he signed before assuming office.

In addition to the Cantor Fitzgerald distribution, Lutnick reported considerable earnings from other sources including $4.2 million in salary and bonus from Newmark, a commercial real estate services firm, and nearly $20 million from an exchange of Newmark partnership units. He also received $14.1 million in compensation from BGC Group, a global financial brokerage and technology company where he served as chairman, along with more than $5 million in BGC restricted stock units.

After his confirmation as Commerce secretary in February 2025, Lutnick stepped down from management roles at Cantor Fitzgerald, BGC, Newmark, and numerous other entities. Over the course of the year, he sold assets worth at least $259 million, including significant stakes in these firms. Concurrently, he invested about $166 million primarily in Treasury securities and broad-market index funds, with purchases including over $50 million in an S&P 500 ETF and Fidelity Treasury funds.

Despite divesting from many previous business holdings, Lutnick maintained approximately 40 ongoing positions in trusts, property companies, and LLCs. His comprehensive 74-page financial disclosure, obtained from the Office of Government Ethics, provides a detailed view of his financial status during his initial year in government. Although very wealthy, Lutnick’s income and asset levels remain well below those of President Trump, who reported earnings exceeding $2 billion last year.