Representative Ilhan Omar, the Democrat from Minnesota and a prominent member of the House “Squad,” has found herself at the center of a political firestorm after new financial disclosures revealed a staggering increase in her family’s net worth. According to a series of reports, including those from the Washington Free Beacon, Fox News Digital, and New York Post, Omar and her husband, Tim Mynett, saw their net worth soar to as much as $30 million in 2024—a nearly 3,500% increase from the previous year.
The dramatic financial leap was made public in a congressional filing submitted on May 14, 2025. The source of this newfound wealth? Primarily, the explosive growth of Mynett’s two businesses: Rose Lake Capital, a Washington, D.C.-based venture capital firm, and eStCru LLC, a winery located in Santa Rosa, California. The 2024 disclosure valued Rose Lake Capital’s assets between $5 million and $25 million, up from less than $1,000 in 2023. Meanwhile, the winery’s assets jumped from a modest $15,000–$50,000 in 2023 to between $1 million and $5 million in 2024.
To put these numbers in perspective, Omar’s previous financial disclosures listed her family’s assets in the thousands, not millions. The couple’s combined stake in Mynett’s businesses was valued at just $51,000 at the end of 2023. As Fox News Digital noted, “the vast majority of the wealth comes from Mynett's two companies,” which had shown little growth until the recent, sudden surge.
The timing and scale of the increase have raised eyebrows across the political spectrum. The Washington Free Beacon was the first to report on the 3,500% spike, while the New York Post and Daily Caller News Foundation highlighted that the couple’s net worth now stood in stark contrast to Omar’s earlier public statements. In February 2025, Omar had forcefully denied rumors of her millionaire status, telling Business Insider, “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. I am a working mom with student loan debt.”
Omar’s anger at the speculation was palpable. She took to social media to rebuff claims of wealth, telling a user who alleged her net worth exceeded $83 million to “try checking my public financial statements and you will see I barely have thousands let alone millions.” She further emphasized the challenges of raising a family while maintaining residences in both Minneapolis and Washington, D.C.—two of the nation’s most expensive housing markets.
Yet, the new financial disclosures paint a far more complex picture. Despite the headline-grabbing valuations of Mynett’s businesses, the filing also lists about $100,000 in student loan and credit card debt for Omar. Her savings remain relatively modest, with between $1,000 and $15,000 in a credit union account and $15,000 to $50,000 in a retirement fund from her tenure in the Minnesota state legislature. As Daily Caller reported, “these are overshadowed by the multi-million dollar business valuations.”
Interestingly, the financial disclosure lists no reported income from Rose Lake Capital for 2024, a drop from the $15,000 to $50,000 reported the previous year. This lack of declared income, despite the firm’s massive asset valuation, has fueled further questions. Rose Lake Capital claims on its website to manage more than $60 billion in assets and touts its expertise in global business and politics, with deep networks in over 80 countries and experience in structuring legislation. However, the firm’s meteoric rise in valuation and lack of reported income are likely to draw continued scrutiny.
Complicating matters, the Washington Free Beacon and Fox News Digital both reported that at the end of 2023, Mynett’s firms had less than $700 in their bank accounts and were embroiled in lawsuits from investors alleging fraud. These lawsuits were reportedly settled with cash payments. Such legal entanglements, coupled with the rapid asset growth, have only intensified calls for greater transparency regarding Omar’s finances and her husband’s business dealings.
This is not the first time Omar’s finances have come under the microscope. In September 2020, a complaint was filed with the House Ethics Committee alleging that she failed to disclose assets, income, or royalties related to the sale of her memoir, This is What America Looks Like, which had fetched between $100,000 and $250,000 from Dey Street Books. During the 2020 election cycle, Omar’s campaign paid over $2.9 million to her husband’s consulting firm, The E Street Group—accounting for more than half of her committee’s total expenditures that cycle. She later justified these payments to The New York Times, stating, “you don’t stop using the service of people who are doing good work because somebody thinks it means something else.” After the election, Omar announced she had cut ties with her husband’s firm.
Omar’s office has so far declined to comment on the latest financial disclosure, despite requests from multiple news organizations. Her defenders argue that her critics are seizing on the numbers as part of a broader campaign to discredit progressive voices in Congress. Detractors, meanwhile, say the dramatic increase in wealth and the history of payments to her husband’s businesses demand a thorough investigation.
Amid the financial controversy, Omar has continued her legislative work. Just days after the new disclosure was filed, she appeared on CNN’s “State of the Union” following a deadly shooting at Annunciation Catholic School in Minneapolis. She called for “getting rid of assault weapons” and stressed the need for comprehensive solutions to gun violence. “It is important for us to make sure that we are offering a slew of solutions,” Omar told anchor Brianna Keilar. “One is to make sure that we are getting rid of assault weapons in our community.”
Omar, who was born in Somalia and arrived in the United States as a refugee in 1995, has earned the standard congressional salary of $174,000 since her election in 2018. Her rise from a refugee to a national political figure is, in many ways, emblematic of the American dream. But as her financial fortunes have changed, so too has the level of scrutiny she faces from both allies and critics.
The latest developments ensure that Omar’s finances will remain a subject of heated debate in Washington and beyond. As the dust settles, one thing is clear: the intersection of personal wealth, political influence, and public trust will continue to shape the narrative surrounding one of Congress’s most outspoken—and now, perhaps, most scrutinized—members.
