Trump Commerce Secretary Howard Lutnick’s family fortune more than doubles to $7.3 billion, outpacing his boss

Howard Lutnick, US Commerce Secretary under President Donald Trump, has seen his family’s fortune more than double since he joined the administration in 2025, reaching around $7.3 billion by September 2026, according to Forbes. The increase has been driven largely by the rising value of Cantor Fitzgerald’s stake in Tether, the world’s largest stablecoin issuer. Lutnick had stepped down as the long-standing chairman and CEO of the financial services firm in 2025 after being confirmed as the 41st US Secretary of Commerce. Trump’s wealth has also increased since his return to the White House, with cryptocurrency ventures contributing substantially to his fortune. Forbes estimated his net worth at around $7 billion in September 2026, approximately $2.7 billion higher than around the time of his 2024 election victory. Lutnick’s family wealth, however, has recorded a larger increase over the period.

How Howard Lutnick’s wealth increased

Much of it comes from his links with his former firm Cantor Fitzgerald, which is involved in institutional trading, investment banking and other financial markets. He also held interests in BGC Group, an electronic brokerage and financial technology company, and Newmark Group, a commercial real estate services firm.

By September this year, Lutnick’s estimated family fortune rose from roughly $3.3 billion. The principal driver was paper gains from Cantor Fitzgerald’s investment in Tether, whose reported valuation increased sharply amid growing institutional interest in stablecoins.

Cantor Fitzgerald acquired an approximately 5 per cent stake in Tether, whose USDT token is the world’s largest dollar-pegged stablecoin. Forbes estimated Tether’s value at around $200 billion in February 2026, valuing Cantor’s stake at approximately $10 billion.

Before entering government, Lutnick held an approximately 55 per cent interest in Cantor Fitzgerald. His indirect exposure to Tether through the firm therefore became a major source of the family’s wealth appreciation.

After joining the government, Lutnick stepped down from his corporate leadership positions and agreed to divest his business interests to comply with ethics requirements. The transfer of his ownership interests to trusts benefiting his children was completed in October 2025. His sons Brandon and Kyle Lutnick subsequently assumed senior leadership roles at Cantor Fitzgerald.

Forbes’s estimate of approximately $7.3 billion includes wealth held through the family structure, and is not money personally available to the commerce secretary.

Lutnick’s annual financial disclosure for 2025 put his income and other proceeds at more than $250 million, the largest being some $192 million from Cantor Fitzgerald, described in the disclosure as a tax distribution made under his ethics agreement. He also reported some $14.1 million in salary and bonuses associated with BGC Group, over $5 million in proceeds from BGC restricted stock units, and $4.2 million in salary and bonuses from Newmark, while the conversion of Newmark partnership units generated another $19.6 million.

He made at least $259 million in asset sales and $166 million in purchases, mainly of Treasury instruments, money-market funds and broad-market investments.

The regulatory environment is relevant here. The Trump administration supported the GENIUS Act, establishing a federal framework for stablecoins.

How Trump’s fortunes changed since returning to office

Trump’s fortune has also benefited from cryptocurrency, besides real estate and media holdings. From $4.3 billion in 2024, his fortunes jumped to around $7 billion in late 2026.

Cryptocurrency ventures have been a major contributor. World Liberty Financial, a crypto venture associated with Trump family, generates revenue from token sales and related activities.

Forbes’s September estimates put Trump’s holdings in World Liberty tokens at around $80 million and his $TRUMP memecoin holdings at approximately $185 million.

World Liberty Financial’s commercial arrangements have attracted scrutiny. An investment vehicle associated with Abu Dhabi official Sheikh Tahnoon bin Zayed Al Nahyan acquired a 49 per cent stake in the venture, with the Trump family continuing to receive a substantial share of those proceeds.

Trump Media & Technology Group (TMTG), the parent company of Truth Social, is another component of his fortune. Forbes valued that stake at approximately $1 billion, below its earlier peak.

Real estate remains an important part of Trump’s wealth, including Mar-a-Lago in Florida, golf courses, hotels and other properties, as well as global licensing and management agreements. Mar-a-Lago is valued at around $620 million and other US golf courses at approximately $705 million. Trump National Doral is valued separately at around $365 million.