Andrew Kerr writes for the Washington Free Beacon about a top progressive’s interesting background.
Rep. Ro Khanna (D., Calif.) has emerged as a potential contender for the Democratic presidential nomination while denouncing the ultra-rich who “hoard wealth and engage in financial speculation.” But the progressive, Silicon Valley congressman and his family live a life of staggering luxury, fueled by dynastic wealth they did not earn and protected by the same thicket of trusts, anonymous corporations, and foundations that Khanna condemns.
Khanna lives in a $6 million, 8,000-square-foot luxury home with a four-story elevator and so much premium marble that even the two laundry rooms have marble counters. The Northwest Washington, D.C., home is now for sale, as the Khanna family prepares to move to an even larger, more expensive house a few miles away in the Northern Virginia suburbs. Khanna’s two children, who are minors, have large ownership shares in three private golf clubs, a significant stake in a $65 billion wealth management firm, and investments in hedge funds that focus on distressed debt, of which Khanna has been critical. Khanna’s wife drives a $190,000 Range Rover she was so displeased with that she sued the dealer.
A Washington Free Beacon investigation into Khanna’s finances finds that the progressive truthteller’s lifestyle is funded by his wife, Ritu Ahuja Khanna, an heiress to her father’s Cleveland auto parts fortune. An analysis of Khanna’s financial disclosures reveals his gilded life is enriched by the same sort of investment vehicles that Khanna has said he has a “moral” duty to oppose and that Khanna’s family is a beneficiary of the “New Gilded Age” he condemns.
Khanna’s family wealth comes from his father in law, Monte Ahuja, an Indian-born, Cleveland auto parts magnate turned investor and philanthropist. Like many of the global ultra-rich with generational wealth, Ahuja has set up various trusts and other financial models to benefit his children and grandchildren. These complex financial structures are deliberately opaque, but Khanna, as a member of Congress, is legally required to disclose his family’s financial affairs to the public.
