SovereignWealthFunds.comChinggis Khaan Sovereign Wealth Fund (Mongolia)
Mongolia: what it invests in
Geography Domestic and global
Mongolia: how big it is, and on what basis
In US dollars: about USD 2.1B. Fund's own US dollar equivalent in its FAQ, August 2026; Future Heritage Fund only.
Return 2025 4.16% (USD deposits)
Mongolia: what it publishes
Published 4 · Partly 5 · Not published 1
Our 10 item score. It measures what is public, not how well a fund is run.
- Citizen accountsS6
- 3.6 million
At a glance. Mongolia's sovereign wealth fund turns mining income into long-term savings, citizen accounts and development finance through three sub-funds. Its Future Heritage Fund held MNT 7.5 trillion (about USD 2.1 billion) in August 2026, mostly on deposit with highly rated foreign central banks. The Savings Fund gives each of 3.6 million citizens an account and funds home loans. S5 S1
Key points
- Future Heritage Fund held MNT 7.5 trillion, about USD 2.1 billion, in August 2026. S5
- Future Heritage earned 4.16 percent in US dollars in 2025, or USD 40.4 million of interest. S1
- No Future Heritage spending before 2030; after that up to 10 percent of returns may go to the budget. S1
- Savings Fund holds about MNT 964 billion of mortgage-backed securities that financed 7,822 households in 2024 and 2025. S1
- Development Fund receives half of extra mineral revenue in budget surplus years. S1
- Every citizen has an individual savings account, locked until 2030. S6
Interesting facts
Mandate and goals
Invest and grow natural resource revenue over the long term, keep its value, and share the benefits with current and future citizens. S6
- Future Heritage: save for future generations. S1
- Savings: fund citizen housing, education and health through personal accounts. S1
- Development: finance projects for growth, diversification and Vision 2050. S1
- Spending rule: No Future Heritage withdrawals until 2030; afterwards up to 10 percent of investment returns may go to the state budget S1
How it invests
| Industries | Financial services, Real estate, Infrastructure and utilities, Energy: oil and gas, Transport and logistics, Industrials and manufacturing S1 |
|---|---|
| Asset classes | Cash and money markets, Fixed income, Public equities S1 |
| Stages | Public markets, Credit, Infrastructure S1 |
| Geography | Domestic and global. Asset mix shows the Future Heritage Fund at December 2025; Savings and Development funds invest in Mongolia S1 |
| Direct / through funds / co-invest | Yes / No / No S1 |
| Ticket size | No ticket range is published. S1 |
| External managers | Bank of Mongolia acts as asset manager S1 |
| Co-investment programme | None published S1 |
Asset mix: Foreign central bank deposits 83.44%, Cash at Bank of Mongolia 10.03%, Royalty receivables 6.53% (as of 2025-12-31) S1
Published criteria
Past investments
| Year | Investment | Type | Sector | Stage | Amount | Stake |
|---|---|---|---|---|---|---|
| 2025 | Foreign central bank deposits. Nine deposits with AA-rated or better central banks; 4.16 percent return. S1 | Direct investment | Financial services | Credit | About USD 1.336B | |
| 2024 | Mongolian Mortgage Corporation RMBS. Fixed 2 percent tugrik coupon for the national mortgage programme. S1 | Direct investment | Real estate | Credit | About MNT 964B | |
| 2025 | Erdenes Tavan Tolgoi dividends. 2024 dividends on 1,072 citizen shares allocated by public vote. S1 | State asset transfer | Mining and metals | Not stated | Not published | |
| 2024 | State mining company dividends. Dividends on the Government's 34 percent shareholding feed the Savings Fund. S1 | State asset transfer | Mining and metals | Not stated | Not published | 34.0% |
| 2025 | Chinggis Khaan Sovereign Wealth Fund LLC. Set up under Erdenes Mongol by Government Resolution No. 42. S1 S4 | New company or platform | Financial services | Not stated | Not published |
Case studies
Mortgages from mining money S1
- What: The Savings Fund buys 2 percent mortgage securities from the Mongolian Mortgage Corporation, with the State covering the gap to the policy rate.
- When: 2024 to 2025
- Size: About MNT 964B
- Why: To help citizens buy homes from resource wealth.
- Outcome: 7,822 households financed.
Citizens vote on dividends S1
- What: Over 775,000 people chose to take Erdenes Tavan Tolgoi dividends in cash, savings or the Development Fund.
- When: 2025
- Size: Not published
- Why: To give citizens a direct say in their share of mining profits.
- Outcome: Dividends were allocated by poll result.
Ring-fencing the Future Heritage Fund S1
- What: Assets were moved to a foreign currency account at the Bank of Mongolia and placed in central bank deposits.
- When: 2025
- Size: About USD 1.34B
- Why: To protect savings and start earning a return.
- Outcome: USD 40.4M of interest in 2025.
Investment process
The Ministry of Finance owns the fund and is spending authority for the Future Heritage and Development funds; the Bank of Mongolia manages assets under contract and policy. S7
| Committee | Role |
|---|---|
| Ministry of Finance | Owner and spending authority S7 |
| Bank of Mongolia | Asset manager and account bank for two sub-funds S7 |
- Royalties and dividends flow into each sub-fund by law. S1
- Bank of Mongolia invests under each Asset Management Policy. S1
- Development Fund finances state-aligned projects. S1
- Annual statements and balances are published. S1 S5
How to approach: General contact page only; no process for outside proposals. S6
Size and returns
- Headline size: MNT 7.5T (Fund market value, as of 2026-08) S5
- In US dollars: about USD 2.1B. Fund's own US dollar equivalent in its FAQ, August 2026; Future Heritage Fund only.
- Future Heritage total assets, December 2025 (derived): About USD 1.60B (Total assets (balance sheet), as of 2025-12-31) S1
- Savings Fund total assets, December 2025 (derived): About MNT 1.1T (Total assets (balance sheet), as of 2025-12-31) S1
- Return, 2025, Future Heritage Fund: 4.16 percent (weighted average deposit return) S1
- Size over time (USD billion): December 2025, Future Heritage 1.6, August 2026, Future Heritage 2.1 S1 S5
Leadership
| Name | Title |
|---|---|
| B. Davaadalai | Executive Director, Chinggis Khaan National Wealth Fund group S4 |
Governance and transparency
- Legal basis: Law on the Sovereign Wealth Fund (2024) and Parliament Resolution No. 30; 2019 constitutional amendments; Future Heritage Fund Law (2016) S2 S1
- Oversight: Ministry of Finance; State Great Khural S7
- Santiago Principles: IFSWF associate member (listed as Future Heritage Fund); works to align with the Santiago Principles S3 S6
- Government Resolution No. 72 of 5 February 2025 started asset management. S1
- 2025 statements are posted on the Glass Account system. S1
Transparency score: 6.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 2016 | Future Heritage Fund Law. S1 |
| 2019 | Constitution amended for a sovereign wealth fund. S2 |
| 2024 | Sovereign Wealth Fund Law; Savings Fund account opened. S2 |
| 2025-02-05 | Resolution No. 72 starts asset management. S1 |
| 2025 | Fund named for Chinggis Khaan; LLC established. S7 |
| 2025-10-02 | Government sets development and transparency goals for the fund. S8 |
| 2026 | Erdenes Mongol group renamed Chinggis Khaan National Wealth Fund. S4 |
| 2026-08 | Future Heritage balance MNT 7.5T. S5 |
For family offices
A rules-based national fund investing in central bank deposits and domestic mortgage securities, with no co-investment programme or events for private investors yet. S1
Reports
- Sub-fund statements and policies: https://swf.gov.mn/en/funds S1
- FAQ with latest balances: https://swf.gov.mn/en/faq/14 S5
Common questions
What is the Chinggis Khaan Sovereign Wealth Fund?
Mongolia's sovereign wealth fund, with Future Heritage, Savings and Development sub-funds. S6
How big is it?
The Future Heritage Fund held MNT 7.5 trillion, about USD 2.1 billion, in August 2026. S5
When can citizens use their savings?
Not before 2030 under current law. S6
Is it an IFSWF member?
Yes, an associate member listed as the Future Heritage Fund. S3
Related profiles
- National Fund of the Republic of Kazakhstan Kazakhstan · USD 73.8B
- State Oil Fund of the Republic of Azerbaijan (SOFAZ) Azerbaijan · USD 72.6B
- Hong Kong Future Fund Hong Kong SAR, China · HK$235.1B
- Kumpulan Wang Amanah Negara (National Trust Fund) Malaysia · RM22.43B (end 2024)
- Sarawak Sovereign Wealth Future Fund Malaysia (Sarawak) · RM 8.6B
- Brunei Investment Agency (BIA) Brunei Darussalam · Not disclosed, estimate
All sovereign wealth funds in Asia · All savings and future generations funds · All funds in Mongolia
Sources
- S1Chinggis Khaan Sovereign Wealth Fund, Funds (2025 statements)
- S2Law of Mongolia on the Sovereign Wealth Fund (English)
- S3IFSWF, associate members
- S4Polit.mn, interview with the executive director of the national wealth fund group, 19 June 2026
- S5Chinggis Khaan Sovereign Wealth Fund, FAQ: fund balances
- S6Chinggis Khaan Sovereign Wealth Fund, website
- S7Chinggis Khaan Sovereign Wealth Fund, Governance
- S8Reuters, Mongolia targets development, transparency with sovereign wealth Chinggis fund, 2 October 2025
Disclaimer
Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.
