Donald Trump’s commerce secretary made more than $250 million in income in 2025, a newly obtained ethics filing shows.
The filing, obtained by The Wall Street Journal, shows that the majority of billionaire Howard Lutnick’s 2025 income came from stepping back from many of his business operations to take on the Cabinet-level role.
Lutnick received at least $190 million in a distribution from Cantor Fitzgerald before he transferred his stake in the financial services firm to his two oldest sons, the 74-page filing said.
Lutnick also reported assets worth at least $237 million as of December 2025, which is significantly less than the previous report, which recorded a minimum of $805 million in assets.
There is a wide range of asset values allowed in ethics filings and Lutnick’s assets are likely worth significantly more.
The Department of Commerce did not immediately respond to a request for comment.
Lutnick sold off assets valuing at least $259 million between last May and October, and picked up stock-index and money-market funds worth at least $166 million, the Journal said.
Lutnick remains the head of around 40 companies, mostly LLCs named for trusts or individual properties.
The ethics filing has not yet been posted to the Office of Government Ethics website, as is required.
Lutnick’s payday is dwarfed by Trump’s own declared income since re-taking the White House.
In his own ethics filing, Trump revealed he had made more than $2 billion.
In turn, the president, 80, has stacked his Cabinet with one percenters, making it the richest in history.
Forbes estimated the wealth of the men and women in Trump’s Cabinet to be north of $7.5 billion.
Treasury Secretary Scott Bessent, Interior Secretary Doug Burgum, and Energy Secretary Chris Wright are all worth over $100 million.
The 2021 Biden Cabinet was worth around $110 million collectively, Forbes reported.
The high wealth concentration in Trump’s Cabinet is in stark contrast to the reality of most Americans. Wealth inequality has reached its highest level in decades, and is the highest for any major developed nation.
