Mongolia has passed its fund law, opened an account for every citizen, and was named one of the most improved funds internationally. The spending rule, independence of management, and distribution from major deposits are still unsettled.
Where things stand
| Item | Status |
|---|---|
| Law | Parliament passed the National Wealth Fund Law on 19 April 2024 (MLSP) |
| Structure | Future Heritage Fund, Development Fund, Savings Fund; renamed the Chinggis Fund in December 2024 (Wikipedia) |
| Savings Fund sources | 34% of dividends from Erdenes Mongol mining subsidiaries plus special royalties from private miners (swf.gov.mn) |
| Citizen accounts | One for each of 3.6 million citizens; about US$49 each as of December 2025; locked until 2030 (GlobalSWF) |
| Total assets | About US$2.3 billion (GlobalSWF) |
| International rating | GSR governance score rose from 12% to 44%; named most improved fund of 2026 (GlobalSWF) |
| New proposal (May 2026) | Bill requiring at least 60% of benefits from strategic deposits to reach citizens through the fund, with a regulatory fee if the share falls short (MI24) |
| Oyu Tolgoi | Rio Tinto 66%, Erdenes Oyu Tolgoi 34%; the 2022 agreement waived US$2.4 billion of debt; about 500 kt of copper a year in 2028–2036 (Rio Tinto 20-F, Mining News) |
Main risk. An Open Society Forum policy brief points to the earlier failures of the Human Development Fund, the Development Bank and the SME Support Fund (OSF No. 50). The lesson of the four models below is not how to create a fund but how to protect one.
This profile is part of the report Sharing Resource Wealth and focuses on chapters 6 and 7 of the 12-chapter template. Research on the other chapters is in progress.