Rep Ilhan Omar’s latest financial disclosure has revealed a net worth of up to $30 million, just months after the Minnesota Democrat dismissed claims of being a millionaire as a “coordinated right-wing disinformation campaign” and called such speculation “ridiculous” and “categorically false.”
The explosive financial filing, submitted on 14 May and first reported by the Washington Free Beacon on Monday, shows that Omar and her husband Tim Mynett experienced a staggering 3,500 per cent increase in their net worth during 2024, with assets ballooning from under $51,000 at the end of 2023 to between $6 million and $30 million by year’s end.
The dramatic surge in wealth stems entirely from two businesses owned by Mynett: eStCru LLC, a California-based winery, and Rose Lake Capital, a Washington DC venture capital firm. Congressional disclosure forms require lawmakers to report asset values in ranges, making the exact figure unclear, but the minimum increase represents a 3,500 per cent jump in just twelve months.
Omar’s February denials now stand in stark contrast to her official filings. Speaking to Business Insider at the time, she stated: “Since getting elected, there has been a coordinated right-wing disinformation campaign claiming all sorts of wild things, including the ridiculous claim I am worth millions of dollars which is categorically false.”
The congresswoman, who earns an annual salary of $174,000 (£137,000), had insisted she was “a working mom with student loan debt” and said: “Unlike some of my colleagues, and similar to most Americans, I am not a millionaire and am raising a family while maintaining a residence in both Minneapolis and DC, which are among the most expensive housing markets in the country.”
On social media platform X in February, Omar challenged her critics directly, writing: “Maybe try checking my public financial statements and you will see I barely have thousands let alone millions.”
The financial disclosure reveals that Mynett’s winery, eStCru LLC, saw its value increase from between $15,000 and $50,000 in 2023 to between $1 million and $5 million by the end of 2024. Even more dramatically, Rose Lake Capital’s assets exploded from less than $1,000 to between $5 million and $25 million during the same period.
Curiously, despite the massive increase in asset value, Omar reported that Rose Lake Capital generated “none” income in 2024, whilst the previous year’s filing showed income between $15,000 and $50,000. The company’s website claims it manages $60 billion in assets and boasts an “extensive global network” across more than 80 countries in fields including politics, banking, and diplomacy. It also advertises expertise in structuring “legislation.”
The extraordinary financial turnaround comes after both companies faced significant legal and financial troubles in 2023. Court documents obtained by the Minnesota Reformer showed that eStCru had just $650 in its bank account in February 2024, whilst Rose Lake Capital had a mere $42.44 in February 2023.
Both Mynett and his business partner, former Democratic National Committee adviser Will Hailer, were embroiled in lawsuits from investors claiming fraud. Washington DC businessman Naeem Mohd sued the pair for $780,000, alleging they failed to deliver on promises to triple his $300,000 investment in the winery within 18 months. That lawsuit was settled for an undisclosed amount in November 2024.
“We did settle and the amount was paid,” Mohd’s attorney Faisal Gill confirmed to the Free Beacon, though he declined to reveal the settlement figure.
Mynett’s business activities have long been controversial since he married Omar in March 2020. The pair began an affair whilst both were married to other people, during which time Mynett served as a political consultant for Omar’s campaign. His firm, E Street Group, received $2.9 million from Omar’s campaign during the 2020 election cycle, representing 80 per cent of the company’s revenue according to reports.
Following intense public scrutiny over these financial ties, Mynett exited the political consulting business by the end of 2020 and partnered with Hailer to launch the winery and venture capital ventures.
The financial disclosure also reveals Omar’s personal debts, listing between $15,001 and $50,000 in student loan debt dating from October 2005, and between $15,001 and $50,000 in credit card debt. Her savings remain modest, with between $1,000 and $15,000 in her congressional credit union account and $15,000 to $50,000 in a retirement fund from her time in the Minnesota legislature.
Social media reaction to the revelations has been swift and critical. One user questioned: “How does a politician have a net worth of $30 million when their highest annual salary has not eclipsed $175,000 IN THEIR LIFE?”
Another commented: “So, where’s the explanation how their assets suddenly exploded? Anyone doing audits/investigations?”
The controversy adds to existing scrutiny of Omar’s husband’s business dealings. In addition to the investor lawsuit, three South Dakota cannabis companies sued other entities connected to Hailer and Mynett for over $1.2 million in unpaid debts. Former employees of the winery, including winemaker Erica Stancliff who left a prestigious vineyard to work with the company, have also claimed they stopped receiving payment in early 2023.
Omar’s transformation from claiming financial struggles to multimillionaire status in under a year raises questions about transparency and the sources of such dramatic wealth accumulation. The congresswoman’s office has not responded to requests for comment about the discrepancy between her February statements and her May filing.
The timing is particularly notable as Omar formed the US-Africa Policy Working Group shortly after Mynett launched Rose Lake Capital in 2022, leading a group of 20 members of Congress “committed to building partnership with the continent of Africa.” Both Omar and Mynett have since been photographed at events hosted by the EBII Group, a company facilitating international investments in Africa.
Former Minnesota state Rep Kate Knuth and former Minnesota Congressman Collin Peterson are listed as senior advisors to Rose Lake Capital, alongside two former Barack Obama ambassadors, Max Baucus and J Adam Ereli, and former Amalgamated Bank CEO Keith Mestrich.
The dramatic wealth increase places Omar amongst Congress’s wealthier members, despite her previous insistence that her financial reality “mirrored that of most Americans.” The revelations have reignited debate about congressional ethics, financial transparency, and the accumulation of wealth by elected officials whilst in office.
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