Commerce Secretary Howard Lutnick reported at least $250 million in income and other proceeds for 2025, according to CNBC calculations based on his newly released annual financial disclosure. Much of that total came from financial businesses he left after entering the Trump administration.
The largest single component was a $192 million distribution from Cantor Fitzgerald, the global financial services firm Lutnick led for decades. That payment represented the biggest portion of the income and proceeds calculated from the filing.
Lutnick’s annual disclosure characterizes the Cantor payment as a tax distribution handled under the ethics agreement he signed before taking office. The agreement governed the distribution as he separated himself from the financial empire he had previously overseen.
The 74 page filing was obtained by CNBC from the Office of Government Ethics. It provides the fullest accounting yet of Lutnick’s finances during his first year serving in the federal government.
Even so, the disclosure does not offer a precise estimate of Lutnick’s total wealth. Federal financial disclosures report many assets in broad ranges, limiting the ability to calculate an exact figure from the document.
The available numbers nevertheless place Lutnick among the wealthiest members of President Donald Trump’s cabinet. His reported proceeds still pale in comparison with the more than $2 billion the president earned last year.
Lutnick also reported $4.2 million in salary and bonus payments from Newmark, a commercial real estate services firm. He separately disclosed $19.6 million from an exchange involving Newmark partnership units.
Another major stream came from BGC Group, the global financial brokerage and technology company that Lutnick chaired. He received $14.1 million in salary and bonus payments from BGC, along with more than $5 million from restricted stock units.
The former Wall Street executive stepped down from leadership positions at Cantor, BGC, Newmark and hundreds of other organizations. Those departures followed his confirmation as commerce secretary in February 2025.
Cantor is now managed by Lutnick’s two oldest sons. The leadership change was part of the broader separation between Lutnick and the businesses that had generated much of his private sector income.
As part of that process, Lutnick disclosed selling at least $259 million in assets during the year, according to CNBC’s calculations. The sales were separate from the income and other proceeds totaling at least $250 million.
The transactions included holdings valued at more than $50 million each in Newmark, BGC, Cantor Fitzgerald and CF Group Management. These sales represented some of the largest individual transactions reported in the annual filing.
Lutnick also reported at least $166 million in purchases during the year. Those acquisitions were concentrated largely in Treasury funds and broad market funds, according to the disclosure reviewed by CNBC.
Among those purchases was more than $50 million of an exchange traded fund tracking the S&P 500. Lutnick also made two separate purchases of more than $50 million each in a Fidelity Treasury fund.
Despite leaving hundreds of positions connected with his former businesses, Lutnick continued to list roughly 40 outside positions as ongoing. Most of those remaining positions involved trusts, property companies and other limited liability companies.
The filing offers a sweeping view of the money moving through Lutnick’s finances during 2025, including compensation, distributions, asset sales and investments. Its broad reporting ranges, however, mean the document cannot establish his precise fortune.
What the disclosure does show is the immense scale of Lutnick’s financial activity as he entered government. At least $250 million in income and other proceeds accompanied at least $259 million in sales and $166 million in purchases during the year.