Squad member Ilhan Omar has declared a net worth reaching up to $30 million, despite previously dismissing claims of secret millionaire status as ‘ridiculous’ and merely a ‘right-wing disinformation campaign.’
It has now emerged the Minnesota Congresswoman outlined her net worth in a financial disclosure she filed with the federal government in May.
Her and her husband, Tim Mynett, experienced approximately a 3,500 percent surge in their net worth last year compared to 2023, as reported by the New York Post.
A significant portion of the financial upturn can be attributed to businesses Mynett partly owns – including a Santa Rosa, California-based winery and a DC-headquartered venture capital firm.
In the disclosure, Omar assessed the winery’s value between $1 million and $5 million, contrasting with the previous year’s valuation of $15,000 to $50,000.
Mynett’s venture capital firm, Rose Lake Capital LLC, was valued between $5 million and $25 million in 2024, after having assets under $1,000 in 2023.
Nonetheless, Omar reported in her disclosure that the income from the DC-based consulting firm was ‘none’ for 2024, compared to $15,000 to $50,000 the year before.
It now appears that both of Mynett’s businesses had been struggling earlier in 2024.
Squad member Ilhan Omar has reported a net worth of up to $30 million in her most recent financial disclosure outlining her assets in 2024
Much of the financial gains came from her husband Tim Mynett’s businesses. The two are pictured here in 2023
Omar told her social media followers in February to ‘try checking public financial statements and you will see I barely have thousands, let along millions’
The winery had just about $650 in its bank account as of February 2024, according to court documents obtained by the Minnesota Reformer.
It was facing a lawsuit at the time from Washington DC-businessman Naeem Mohd, who claimed that Mynett and his business partner – former DNC advisor Will Hailer – failed to pay up after promising to triple his $300,000 investment in the eStCru winery in just 18 months.
That lawsuit has since been settled for an undisclosed amount, according to the Washington Free Beacon.
Meanwhile, Rose Lake Capital had a mere $42.44 in its bank account in February 2023, the Minnesota Reformer reports.
The DC-based venture capital firm now claims on its website that it has $60 billion in assets under management.
It touts its ‘deep global networks built from on-the-ground networks in more than 80 countries working across business, politics, banking and diplomacy’ and says it offers its clients ‘expertise’ in a number of categories – including structuring legislation.
Despite the apparent windfall from Mynett’s companies, Omar denied claims she was a millionaire back in February.
‘Since getting elected, there has been a coordinated right-wing disinformation campaign claiming all sorts of wild things, including the ridiculous claim that I am worth millions of dollars, which is categorically false,’ she told Business Insider at the time.
Mynett’s venture capital firm Rose Lake Capital LLC’s assets were valued at between $5 million to $25 million in the 2024 disclosure
His Santa Rosa winery eStCru had assets worth between $1 million to $5 million, despite the company having to settle a lawsuit
‘I am a working mom with student loan debt,’ she continued.
‘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.’
Omar also challenged her followers on social media that month to ‘maybe try checking public financial statements and you will see I barely have thousands, let along millions.’
Her disclosure does list as much as $100,000 in credit card and student loan debt.
But it also shows that she has between $1,000 to $15,000 in her congressional credit union savings account and another $15,000 to $50,000 in a retirement fund from her time in the Minnesota legislature.
This is not the first time the couple has faced questions over their finances
This is not the first time the couple has faced questions over their finances.
In 2020, Federal Election Commission filings reveal Omar’s campaign made up the vast majority of the money Mynett’s consulting firm earned during the election cycle.
E Street Group, which was partially owned by Omar’s husband, Tim Mynett, drew in $2.9 million from Rep. Omar’s 2020 campaign and $3.7 million in total political spending from other candidates.
Between January 2019 and November 2020, Omar’s campaign contributed 78 percent of the total campaign funds received by the E Street Group.
At the same time, E Street Group received $134,800 in Paycheck Protection Program (PPP) loans and an additional $500,000 in Economic Injury Disaster loans during the pandemic.
Amid the uproar, Mynett exited the political consulting business and teamed up with Hailer to branch out into the winery and venture capital industries.
