Dem
51
Ties
3
GOP
46
Donald Trump's administration is stuffed with billionaires, but even for a billionaire, making $250 million in one year is impressive. And yet, in 2025, that is what Secretary of Commerce Howard Lutnick did. In his annual ethics filing, Lutnick wrote that he made at least $250 million in 2025, much of which was from selling his stock in Cantor Fitzgerald, a financial services company of which Lutnick was CEO. Its former headquarters were on the 101st to 105th floors of the North Tower of the former World Trade Center, clearly prime real estate. Lutnick was not present on 9/11, but all 658 of his employees who were present died, including his brother.
The very idea of a cabinet member making $250 million in one year boggles the mind and shows why Trump has been pooh-poohing Americans telling him they are not able to put food on the table and pay the rent in this economy. People like Lutnick have no trouble putting the finest caviar on the table.
Trump mostly associates with the very wealthy and has no idea what life is like for ordinary Americans. According to an AP article, Trump has already appointed 57 people worth over $100 million to his administration, including eight members of his Cabinet, three of whom—Linda McMahon, Doug Burgum, and Lutnick—are billionaires. In contrast, the administration of George W. Bush and Joe Biden each had five hectomillionaires. Barack Obama's had three.
These people are disconnected from real life in America and often have very different priorities than normal people. Their extensive holdings also often bring up conflicts of interest. Previous presidents did not seek out the ultra-wealthy the way Trump does. He sees extreme wealth as a sign that the person is brilliant and highly competent. But even if that is true in their industry, it doesn't mean that transfers to making public policy. For example, McMahon is secretary of education. She and her husband made their money from a company that was in the wrestling entertainment business. That doesn't automatically transfer into knowledge about educating the nation's children. Burgum is secretary of the interior. He made his money in software. That doesn't automatically transfer to managing the national parks, Fish and Wildlife, and negotiating with Native American tribes. (V)