Rep. Ilhan Omar (D-MN) reported a net worth of up to $30 million in her latest financial disclosure.
This comes just months after publicly rejecting claims she had become wealthy during her time in Congress.
The disclosure, filed in May, marks a sharp contrast to statements Omar made in February, when she dismissed speculation about her finances as “ridiculous” and “categorically false.”
The report shows Omar and her husband, Tim Mynett, experienced a surge of approximately 3,500 percent in net worth between 2023 and 2024.
The increase was first highlighted in a Washington Free Beacon report on Monday.
Much of the family’s wealth is tied to Mynett’s business ventures.
These include a California-based winery, eStCru LLC, and a Washington, D.C.-based venture capital firm, Rose Lake Capital LLC, according to the disclosure.
The winery’s reported value saw a dramatic jump within a year.
In her previous disclosure, Omar listed eStCru as worth between $15,000 and $50,000.
In the most recent filing, she reported its valuation at between $1 million and $5 million.
Even more significant was the increase in Rose Lake Capital’s reported value.
The New York Post reported that in 2023, the venture capital firm had less than $1,000 in assets.
By the end of 2024, Omar disclosed its assets as being between $5 million and $25 million.
Despite this surge in value, Omar’s disclosure reported “none” for Rose Lake Capital’s 2024 income.
The firm reported between $15,000 and $50,000 in income the previous year.
Rose Lake Capital claims on its website to have $60 billion in assets under management.
The company describes itself as operating with “deep global networks built from on-the-ground work in more than 80 countries working across business, politics, banking and diplomacy.”
The firm also advertises “expertise” in areas ranging from global business operations to structuring “legislation.”
These statements appear on its website as part of its client services pitch, per the Post.
The rapid growth of Mynett’s companies stands in contrast to Omar’s public denials about wealth earlier this year.
In February, she directly addressed online speculation that she was a secret millionaire.
“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,” Omar told Business Insider at the time.
She added, “I am a working mom with student loan debt. 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’s latest financial disclosure does show personal liabilities.
The congresswoman listed as much as $100,000 in combined credit card and student loan debt.
She also reported modest financial holdings outside of her husband’s businesses.
These included between $1,000 and $15,000 in her congressional credit union savings account and between $15,000 and $50,000 in a retirement account from her time in the Minnesota state legislature.
The new disclosure is the most substantial financial filing Omar has submitted since entering Congress in 2018. It shows an abrupt change in financial status compared to previous years.
Rose Lake Capital’s rapid rise has attracted particular scrutiny.
The company, which reported almost no assets just one year earlier, is now valued in the millions according to Omar’s disclosure. Yet the same filing notes no income for 2024.
The firm’s website also emphasizes its international reach.
It references activity across more than 80 countries, and highlights its involvement in business, banking, diplomacy and legislative consulting.
Omar’s statements earlier this year and her recent filing stand in sharp contrast.
In February, she insisted she was not a millionaire, citing her debts and financial obligations as proof. Months later, her own filing reflected tens of millions in reported household assets.
