In his 2025 annual filing, Defense Secretary Pete Hegseth disclosed no less than $3.1 million, including a single bank account with a balance above $1 million. The Office of Government Ethics filing offers an updated window into the former Fox News firebrand's finances; he was confirmed in January 2025, and some in his own party are now seeking his impeachment over how he has managed the war with Iran. The family reported three cash accounts overall, plus bitcoin valued in a range of roughly $16,000 to $65,000.
Altogether, five retirement accounts were listed with investments estimated between about $2.05 million and $4.35 million. Of that, Hegseth's three accounts totaled about $500,000 to $1.25 million, while his wife, Jennifer Hegseth, reported two rollover IRAs worth approximately $1.55 million to $3.1 million. Because the forms use broad value ranges rather than exact amounts, we can't tell if Hegseth's overall net worth went up or down relative to a year earlier. In December 2024, his nominee filing put his financial assets in the $1.4 million to $3.4 million range. The latest report verifies a minimum of $3.1 million, though an apples-to-apples ceiling isn't available, as one account is simply described as "worth more than $1 million."
Cash is the standout shift. In the 2024 paperwork, an account labeled "U.S. bank #2" was listed between $15,001 and $50,000. In the latest disclosure, an account with the same label is reported at more than $1 million.
After he joined the administration, the family reworked its portfolio in a way that is common for new Cabinet officials seeking to avoid the appearance of conflicts. In 2025, they made 16 ETF buys amounting to roughly $1.41 million to $3.05 million, a CNBC analysis of the disclosed ranges shows. Those buys came after sales of dozens of individual stocks; shares of Lockheed Martin and Northrop Grumman were each sold in February 2025, with reported sale ranges of $1,001 to $15,000.
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Under his ethics agreement, he had to seek guidance from ethics officials regarding potential conflicts, yet it did not explicitly order him to divest those positions. On the debt side, Hegseth reported two mortgages, each in the $1 million to $5 million range. One was originated in 2025 for his personal residence and bears an 8.5% interest rate.
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