Mike Rounds Net Worth and Income Source

Senator Mike Rounds Net Worth Overview

According to various online sources, Mike Rounds net worth is around $4.5 million.

Mike Rounds is a former Governor of South Dakota, currently serving as a junior United States senator from South Dakota. He generates most of his wealth from mutual funds accounts that specialize in various industries such as healthcare. His influence as a former governor and senator may have played a role in boosting his income [1].

Mike Rounds Net‌ ‌Worth: A Look at His Assets and Mutual Funds 

Mike Rounds earns about $174,000 as a junior United States senator from South Dakota.  Like other wealthy senators, Mike Rounds does not depend on his income as a senator and relies on his income from various savings accounts. Below is a look at some of the major assets the South Dakotan senator owns.  

Based on the above data, it is clear that Mike Rounds net worth exceeds $4.5 million and could be higher than $11.6 million. With that said, it is hard to give a precise estimate because the values quoted above fall within a wide range. 

Senator Mike Rounds Income

Mike Rounds has numerous income sources, including his salary as a senator. But the main source of Mike Rounds’ net worth are his earnings from mutual fund and savings accounts.

Income Source 1: Salary as a Senator

Mike Rounds earns about $174,000 as a US Senator. He has been serving the post since 2015.

Income Source 2: Investments

Mike Rounds earns most of his income from his mutual fund’s accounts but also derives a sizable salary from his work as a senator. He also owns real estate assets. 

The table below summarizes his income from investments that contribute to his net worth.  

Based on various data trends, Mike Rounds net worth is steadily increasing, primarily because the health industry has been performing exceptionally well in the last couple of years. A 2019 estimate pegs his wealth at $3.7 million [2].

The Early Life of Mike Rounds

Marion Michael Rounds was born in Huron, South Dakota on October 24, 1952.  He is the eldest among his siblings with a total of ten brothers and sisters. His parents named him in honor of his deceased uncle, who lost his life during the events of World War II. Mike Rounds’s ancestry comes from Germany, Belgia, and Swedish [3]. He was raised since the age of three in Pierre, South Dakota. 

The Rounds Family has an influential legacy with strong ties to the state government. Several members of his family have worked in the government. His father, Don Rounds, worked as state director of highway safety for the Rural Electrification Administration and also served in the South Dakota Petroleum Council as their executive director. His younger brother, Tim Rounds, represents District 24 of the South Dakota Legislature. 

After graduating from high school in 1973, Mike Rounds earned his bachelor’s degree from South Dakota State University in political science in 1977. 

It is worth mentioning that Mike Rounds is the first governor from South Dakota University to serve as governor. 

This is also where he met Jean Vedvei, his wife who passed away due to complications from cancer in November 2021. Mike has four children with Vedvei: Brian, Carrie, John, and Christopher[4].

After completing his college education, Mike Rounds would return back to his hometown to pursue a career in real estate and insurance. He joined Fischer, Rounds & Associates, a company that grew from humble origins in Pierre to now having offices in five towns across South Dakota. Right around the same time in the early 90s, Mike Rounds began taking an interest in politics. 

Senator and Governor Mike Rounds

Mike Rounds acquired experience in politics by working on a campaign for Senator Jim Abdnor. He was elected to the State Senate in 1990 and served in his role for ten years. During this time, he was the senate majority leader for six years, making him an influential politician. 

Mike Rounds had ambitions for governorship and started a new campaign against his more well rounded Republican counterparts. The frontrunners for the governorship weren’t doing too well in the polls, giving Mike Rounds, the underdog at the time, a shot at causing an upset in the elections. 

Mike Rounds easily defeated his opponents in the elections and was elected as governor of South Dakota in 2001. His policies proved to be extremely popular and Mike Rounds got reelected as governor of South Dakota in 2006. 

A key aspect of his governorship was the 2010 Initiative that focused on promoting tourism and economic development. Part of the initiative was to pursue scientific endeavors. He led a state wide effort to convert the Homestake Gold Mine into a well funded laboratory for science and physics. 

Governor Mike Rounds was a huge proponent of education and threw all his political weight behind state universities. This allowed state universities to increase their enrollments and increase their Ph.D. programs. During this time, South Dakota State University and the University of South Dakota moved up to Division I athletics. 

Rounds invested greatly into education programs and vastly increased scholarship programs, including the DakotaCorps scholarship and South Dakota Opportunities Scholarship [5]. 

Mike Rounds signed the state legislation banning all abortions in South Dakota except cases that endangered the mother’s life. South Dakota passed the act on February 22, 2006, causing widespread controversy. 

Mike Rounds stepped down as governor and announced his candidacy for the South Dakota state senate. 

Mike Rounds Controversy

His political career has had its fair share of controversy. Chief among these is Mike Rounds’ hard stance on abortion. He signed statewide legislation that bans all abortions in South Dakota unless they threatened the life of the mother. The law was later repealed by a voter referendum. 

This made him extremely popular among Republican voters and allowed him to win the South Dakota state senate elections.

Furthermore, it’s no secret that he is a strong advocate of reform in the beef industry. It was reported that Rounds increased state aid to a beef packing plant that he had connections with. Rounds clarified that he was not aware of the funds going to the plant and did not sign it. 

Prior to this, Rounds headed an immigration investment program known as EB-5 that promised green cards in exchange for economic investments. The visa program was established by the federal government in 1990. 

This beef packing plant declared bankruptcy, leading to suspicions about the investments. Many investors claim they didn’t receive their EB-5 visas or their money. Rounds’s administration was eventually investigated for bribery and embezzlement due to the investment program for immigrants. 

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Mike Rounds’ Biography 

Frequently Asked Questions About Mike Rounds

What did Mike Rounds do for South Dakota State University?

Mike Rounds played a pivotal role in increasing the enrollment for South Dakota State University and also expanded scholarship programs for other state colleges and universities. 

How old is Mike Rounds of South Dakota?

Mike Rounds turned 67 years in 2021.

Is Mike Rounds married?

Mike Rounds was married to Jean Rounds. The couple has four children.

References

[1]https://www.opensecrets.org/personal-finances/mike-rounds/net-worth?cid=N00035187&year=2018 – Mike Rounds net worth

[2]https://www.usatoday.com/story/money/2019/10/25/richest-members-of-congress-by-net-worth/40290533/ – Actual estimates of his wealth

[3] https://history.sd.gov/archives/forms/Rounds/sources.pdf – Mike Rounds’s ancestry

[4]https://roundsforsenate.com/about/ – Mike Rounds’s children.

[5] https://www.sdbor.edu/dakotacorps/Pages/What-is-Dakota-Corps.aspx – Details about the Dakota Corps scholarship