Moneywise

‘Not a millionaire’: Ilhan Omar blames accounting error for skyrocketing net worth. Asset estimates plunge from $6M-$30M to as low as $18K

Rep. Ilhan Omar's office says she is not a millionaire. An amended congressional financial disclosure, first reported by the Wall Street Journal, now values the Minnesota Democrat's household assets at between $18,004 and $95,000 — a dramatic drop from an earlier filing that listed assets of up to $30 million (1). "The amended disclosure confirms what we've said all along: The congresswoman is not a millionaire," spokesperson Jacklyn Rogers told the Journal, adding that the filing was corrected voluntarily once the discrepancy was spotted. In a letter to the Office of Congressional Conduct, Omar’s attorney attributed the original numbers to an unintentional accounting error and argued that members of Congress and their spouses routinely rely on professional accountants. Amended disclosures aren't unusual — the Journal noted, for example, that numerous House and Senate members have failed to properly disclose stock trades. Omar’s amendment comes at a time of intense public and political scrutiny, though. The corrected filing lists two of Mynett's businesses, previously valued in the millions, as having no net value. Neither the disclosure nor Omar's office has publicly detailed the offsetting liabilities. What Omar’s filings show The original disclosure, filed May 14, 2025 and covering 2024, listed two assets owned by Omar's husband, Tim Mynett (2): eStCru LLC, a Santa Rosa, California winery, valued at between $1,000,001 and $5,000,000 Rose Lake Capital LLC, a Washington venture capital firm, valued at between $5,000,001 and $25,000,000 On the liability side, the same filing listed two items: a Nelnet student loan of between $15,001 and $50,000 dating back to October 2005, and a Citi credit card balance of between $15,001 and $50,000 incurred in December 2022. Total reported liabilities: no more than $100,000. Omar certified the filing as "true, complete, and correct." The amended filing, which has not been made public, lists both Mynett businesses as having no net value once liabilities were factored in, per the Wall Street Journal. Neither the disclosure nor Omar's office has publicly itemized the offsetting liabilities at time of writing. Distributions and valuations of Mynett’s companies are key Omar's September 2025 defense and her April 2026 amended filing don't quite line up with each other. In a September 2025 TikTok responding to the first wave of coverage, Omar said the asset values on her filing reflected the full valuation of businesses in which her husband is one of several partners, not his individual share. A 2025 email between Mynett and his accountant, attached to his attorney's letter to the Office of Congressional Conduct, valued the venture capital firm at roughly $7.9 million and the winery at roughly $1.5 million, with Mynett owning approximately one-third of each, per the Journal. That would put Mynett's personal stake in the two businesses somewhere in the low millions — not zero. The amended filing takes a different position. Both businesses are now reported as having no net value. Even with the businesses zeroed out, the amended disclosure still shows the couple reported between $102,503 and $1,005,200 in income tied to those holdings in 2024 — including $213,200 in distributions to Mynett from the venture capital firm and $3,000 from the winery (1). The original filing under-reported that income, too. Schedule A of the May 2025 disclosure listed partnership income from eStCru at $5,001 to $15,000 and income from Rose Lake Capital as "None" (2) — a figure that, based on the amended filing's own numbers, was off by more than $213,000. A partnership can legally show zero—or even negative—value on paper while still paying out cash. This happens when the value of what the fund owns is canceled out by things like loans, future financial promises, or potential refunds. According to the Journal, neither Omar's attorney nor the accountant's email actually explained which of these reasons caused the value to drop to zero. Omar under intense congressional scrutiny The amendment follows months of Republican pressure. In January 2026, House Oversight Committee Chairman James Comer said that committee attorneys were weighing a subpoena of Mynett, citing many questions about how Mynett had accumulated so much wealth in a short period. On Feb. 5, 2026, Comer formalized the inquiry, writing directly to Mynett to request financial documents and communications related to eStCru and Rose Lake Capital. The letter flagged the valuation surge — from as much as $51,000 in 2023 to as much as $30 million in 2024 — and said the jump "raises concerns that unknown individuals may be investing to gain influence with your wife" (3). The committee asked for records, including SEC filings, investor information, and travel records tied to Somalia, Kenya, and the United Arab Emirates, with a Feb. 19 deadline for voluntary compliance. The April amendment itself was prompted by a March 2026 letter from the Office of Congressional Conduct, the independent body that reviews allegations of misconduct against House members and staff. Jacklyn Rogers called Comer's investigation "a political stunt" and part of a campaign "meant to fundraise, not real oversight," per the Associated Press (4). No criminal charges have been filed against Omar or Mynett. Judicial Watch President Tom Fitton wrote on X that previously unreported liabilities had erased the reported wealth, questioning how debts absent from the original filing could now account for millions in value (5). Omar has been a frequent target of President Trump since her 2018 election, and Comer is simultaneously running a broader Oversight investigation into Minnesota social services fraud. The Office of Congressional Conduct is an administrative review body, not a prosecutorial agency — its inquiries can result in referrals to the House Ethics Committee but are not themselves charges. The broader oversight push is unfolding against the backdrop of Minnesota's sweeping public-funds fraud scandal. Federal prosecutors have charged more than 90 people across various schemes, and former U.S. Attorney's Office white-collar lead Joe Thompson estimated in December that losses across 14 state-administered Medicaid programs could reach $9 billion — a figure separate from the roughly $300 million tied to the Feeding Our Future child nutrition case. Omar has not been accused of wrongdoing in those cases. Article sources We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines. Wall Street Journal (1); U.S. House Clerk (2); House Committee on Oversight and Government Reform (3); Associated Press (4); Tom Fitton (5)