Rep. Ilhan Omar, one of the founding members of the “Squad,” has become the latest Democrat to constantly bash the rich while herself raking in millions of dollars. Despite earning an annual salary of just $174,000, Omar’s net worth has skyrocketed to as much as $30 million – after she denied being a multi-millionaire earlier this year.
As first reported by The Washington Free Beacon, according to Omar’s most recent financial disclosure, she and her husband’s net worth reached somewhere between $6 million and $30 million in 2024. While lawmakers aren’t required to report exact value figures on their assets, just a range, that still means Omar’s net worth has increased at least 3,500 percent since 2023.
Notably, Omar told Business Insider in February that the suggestion that she is worth millions of dollars is “ridiculous” and “categorically false.” In a subsequent post on X, Omar encouraged people to check “my public financial statements and you will see I barely have thousands let alone millions.”
But as those statements show, Omar’s net worth puts her far above the average American. Even at the low end of her reported asset range, $6 million, that would still mean she is among the richest two percent of all American households. At $30 million, she would be comfortably among the richest one percent – a group whom she previously said should be taxed at a rate of 70 percent or more. (The current net worth threshold to be considered in the top one percent of American households is about $11.6 million)
As the Beacon reported, most of Omar’s wealth is thanks to her husband, Tim Mynett, who owns a stake in two businesses that have seen extraordinary and unusual increases in value over just one year.
The first, a winery operating under the name eStCru LLC, had assets valued between $15,000 and $50,000 in Omar’s 2023 financial disclosure, but now has assets valued between $1 million and $5 million.
The second business, a venture capital firm operating under the name Rose Lake Capital LLC, has seen an even more dramatic explosion in value. After the company reported less than $1,000 in assets in 2023, that figure swelled to between $5 million and $25 million in 2024. The company’s website claims that it has $60 billion in assets under management.
Omar has not offered any explanation for why she claimed to be worth “barely thousands,” but in fact has a net worth higher than at least 98 percent of all Americans. She has also failed to explain how her husband’s venture capital firm managed to become so successful just months after investors filed lawsuits claiming the firm defrauded them of millions of dollars.
As of now, Omar is not under any sort of investigation, nor has she officially been accused of any wrongdoing by any law enforcement authorities. But as some voices on social media have pointed out, the circumstances of her sudden net worth increase are at the very least suspicious.
“Ilhan Omar, on a $174K salary, increased her net worth $24 million in a single year, because of a shady venture capital firm she invested in that had less than $1,000 in assets ballooning up to $25 million in a year,” Mike Benz, the executive director of the Foundation for Freedom Online, wrote in a post on X. “Either the dumbest people in Congress are smarter than the smartest people on Wall Street, or Wall Street has just gotten more clever about money laundering methods for their lackeys in Congress. You be the judge.”
But even if Omar and her husband haven’t engaged in any illegal or unscrupulous business activity, that still doesn’t change the fact that Omar has now become the very thing she has spent her entire career railing against – a wealthy capitalist.
Omar has notably closely aligned herself with self-described “Democratic Socialists” throughout her tenure in Congress, including Rep. Alexandria Ocasio-Cortez (D-NY). The Democratic Socialists of America (DSA) have issued statements in solidarity with Omar, and Omar has a history of endorsing socialist candidates in Democrat primaries. Omar and Ocasio-Cortez endorsed DSA member Senator Bernie Sanders (I-VT) for president in 2020.
In 2024, Omar and Rep. Pramila Jayapal (D-WA), the leader of the Congressional Progressive Caucus, also made a secret trip to Cuba, which many viewed as an implicit endorsement of that country’s communist system.
But Omar is hardly the only anti-capitalist to enjoy the fruits of America’s capitalist system. Sanders, who has famously said billionaires shouldn’t exist, owns three homes and is worth $2.5 million. Senator Elizabeth Warren (D-MA), who has called for socialist policies like nationalizing corporate boards and has endorsed socialist New York City mayoral candidate Zohran Mamdani, is worth an estimated $8 million.
Far-left filmmaker Michael Moore, meanwhile, who has called capitalism “evil,” is worth an estimated $30 million. Hasan Piker, a popular social media influencer who regularly releases content promoting socialism, makes millions of dollars per year.
At the end of the day, Omar’s story is nothing new. From Havana to Caracas to Moscow, socialist elites have always lined their pockets while lecturing everyone else about “equity” and “fairness.” Omar’s champagne socialism is just the latest chapter in a long, ugly history of hypocrisy. While she and her political allies rail against capitalism in public, they exploit it in private to become exactly what they claim to despise.
Shane Harris is the Editor in Chief of AMAC Newsline. You can follow him on X @shaneharris513.
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