Topline
President Donald Trump (along with Elon Musk and others) has repeatedly suggested that Rep. Ilhan Omar, D-Minn., has obtained a suspicious-looking fortune—possibly up to $44 million—a claim that seems highly unlikely and caused by a financial disclosure from Omar that may have incorrectly listed her husband’s stake in businesses and violated House disclosure rules.
Rep. Ilhan Omar and husband Tim Mynett arrive at the White House in May 2024 for a state dinner with the president of Kenya. (Photo by SAUL LOEB/AFP via Getty Images)
AFP via Getty Images
Key Facts
In her latest financial disclosure, filed in May 2025 and covering 2024, Omar valued husband Tim Mynett’s venture capital management firm, Rose Lake Capital LLC, at $5 million to $25 million, and his winery, eStCru LLC, at between $1 million and $5 million—far greater than the $1 to $1,000 and $15,000 to $50,000 she valued those businesses the previous year.
The upper range of those valuations is what’s led to reports she’s worth tens of millions of dollars, even though the rest of her disclosure and the value of her federal government pension reveals a net worth between about -$40,000 and $115,000.
In a TikTok video posted in September, Omar said the valuation ranges reflect the total values of Mynett’s businesses, in which he is one of several partners—not the value of his ownership stake.
Under the House Ethics Committee’s financial-disclosure guidance, members are instructed to report the value of a lawmaker’s or spouse’s ownership interest in a privately held partnership.
Spokespeople for Omar declined to speak on the record.
Did Omar’s Financial Disclosure Comply With House Ethics Rules?
It’s unclear. Under the House Ethics Committee’s financial-disclosure guidance for 2024, members are instructed to report their or their spouse’s ownership interest in a privately held business actively engaged in a trade or business, rather than the value of the business itself. The instructions also allow filers to estimate the value of a partnership using its net worth. That reading means Omar’s approach could be inconsistent with the instructions. A spokesperson for the House Ethics Committee declined to comment.
Crucial Quote
“The value range listed for the assets reflects the *full* cost assessment of the businesses, in which my husband is one of several partners, and does not reflect his individual share,” Omar wrote in the caption accompanying her TikTok video, adding in the video: “Learn to read before you post misleading s–t.”
Is Omar Really Worth Tens Of Millions Of Dollars?
It’s unlikely. Coupled with an estimate of her government pension, Omar’s latest financial disclosure shows assets and liabilities that place her net worth between roughly -$40,000 and $115,000, excluding the valuations she reported for her husband’s businesses. Those business valuations—$5 million to $25 million for Rose Lake Capital and $1 million to $5 million for a winery—reflect the companies’ total reported value, not her husband’s ownership stake, according to Omar. Mynett’s stake in Rose Lake Capital is less than one-third of the company, the New York Post reported, citing a company spokesperson. Omar, Mynett and a spokesperson for Rose Lake Capital declined to explain the valuation, and what public information there is doesn’t provide many answers. The income Omar disclosed from those businesses does little to support such high valuations. Rose Lake Capital reported no income in 2024, after reporting $15,000 to $50,000 the prior year, while the winery reported income of up to $50,000 in 2024. In earlier disclosures, Rose Lake Capital was valued at no more than $1,000 while reporting little or no income. (Lawmakers are only required to disclose valuations and income in broad ranges.)
Business Records Raise Questions About Rose Lake Capital’s Status
Omar’s financial disclosure lists Rose Lake Capital as being located in Washington, D.C. But its business registration there has been revoked, according to city records, which also say the company was formed in Delaware. That state cancelled its registration for failing to pay taxes, which currently total $1,770, according to filings. A Rose Lake Capital spokesperson said the lapsed D.C. registration was “likely an administrative issue” and said the firm had not received notices about unpaid taxes. Mynett’s partner in the firm, Will Hailer, told the Minnesota Reformer in June 2024 that Rose Lake Capital was a “dormant entity” and had been transitioned to a corporation called Rose Lake Inc. that focuses on socially responsible investing. Omar’s disclosure, which covers 2024, does not mention the new company. And a registration for Rose Lake Inc. in Delaware lists the company as “forfeited” since May 2024 for failing to have a registered agent, and that it owes $403,000 in taxes. The company spokesperson said a registered agent had been appointed, and also that Rose Lake Inc. had not received any communication from the state regarding the tax liabilities.
News Peg
Headlines about a surge in Omar’s wealth have been a GOP talking point since August, when news of her valuations of her husband’s companies first broke. In addition to Trump and Musk, House Majority Leader Steve Scalise, R-La., Newsmax, the Boston Herald, House Oversight Chair James Comer, R-Ky., Fox News host Jesse Watters and conservative influencers Benny Johnson and Libs of TikTok are among those who have questioned her net worth, typically citing a $30 million valuation derived from the upper ends of the ranges she reported. The latest flare-up comes at a time when the FBI is investigating allegations of childcare fraud in Minnesota, many of which involve the state’s Somali population (Omar was born in Somalia, and her district covers much of Minneapolis). Trump has dispatched federal agencies to the state to conduct immigration enforcement, a move that led to mass demonstrations and government officials shooting two people dead in the streets in the past three weeks.
Trump’s Own Family Finances Under Scrutiny
Trump’s mentions of Omar’s finances come as his own family’s willingness to profit off the presidency has come under renewed scrutiny. According to Forbes’ estimates, since Trump was reelected, his net worth is up around $3.7 billion, to $6.7 billion; Eric Trump’s has increased tenfold, to about $400 million; and Donald Trump Jr.’s has increased sixfold, to approximately $300 million. Also, 19-year-old Barron Trump is worth around $150 million.
Chief Critic
The Republican majority on the House Oversight Committee is “working on addressing ethics concerns regarding Rep. Omar and her spouse,” a spokesperson told Forbes. “There are a lot of questions as to how her husband accumulated so much wealth over the past two years,” Comer recently told the New York Post. “It’s not possible. It’s not. I’m a money guy. It’s not possible.”
Contra
In 2024, President Joe Biden’s Justice Department opened an investigation into Omar’s finances, but it “appears to have stalled for lack of evidence,” the New York Times reported on Monday, citing a person with knowledge of the matter. Trump has called for his Justice Department to investigate her, too.
What To Watch For
The House Oversight Committee “hopes to have an update soon” on its investigation into Omar, according to a spokesperson. Annual financial disclosures for 2025, which should provide an update on Omar and Mynett’s assets, are due on May 15, 2026, although many members of Congress get extensions, pushing the date back to mid-August. If Omar were to amend her 2024 disclosure, it would appear shortly thereafter on the House Clerk’s website.
Surprising Fact
Rose Lake Capital’s address on its D.C. registration matches that of a WeWork.
Tangent
In December 2021, the nonpartisan Office of Congressional Ethics board unanimously recommended the House Ethics Committee dismiss allegations—unrelated to the current wealth scrutiny—that Omar may have omitted required information from her financial disclosures and may have received an advance for her book. In March 2022, the House Ethics Committee said it would not review the matter further.
Further Viewing
Further Reading
