Future Heritage Fund
Sovereign savings fund
Mongolia's sovereign savings fund populated from mineral revenues, established by a dedicated law in 2016 that came into effect on 1 January 2017, in accordance with the Fiscal Stability Law principle of fair and equitable distribution of national wealth to present and future generations (International Forum of Sovereign Wealth Funds, Future Heritage Fund profile). It is designed for intergenerational equity by substituting non-renewable natural resources with interest-earning financial assets and safeguarding a portion of revenues from the country's mineral wealth (International Forum of Sovereign Wealth Funds).
In 2024 Parliament approved the Sovereign Wealth Fund Law, creating a system of three diversified funds that largely pool revenues derived from subsoil resources; within it, the Future Heritage Fund collects and invests assets in international financial instruments and is funded from residual minerals royalty payments and investment returns (United States Department of State, 2026 Investment Climate Statement: Mongolia). The wider system is named the Chinggis Khaan Sovereign Wealth Fund (Chinggis Khaan Sovereign Wealth Fund, official site, swf.gov.mn).
PEOPLE
Temuulen Bayaraa
Chief executive of the Chinggis Khaan Sovereign Wealth Fund - named as CEO in Reuters reporting in 2025 on the fund's transparency and long-term development plans, in which she said the fund was developing an application for citizens to track investment decisions and was drafting its investment policy statement (Reuters, via TradingView, 2025; Jamogrand summary of the same reporting)
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MONEY
Accumulation to late 2024 - DOCUMENTED
As of late 2024, the Future Heritage Fund had accrued approximately MNT 4 trillion (Montsame News Agency, MNT 4 Trillion Generated in the Future Heritage Fund of Mongolia's Sovereign Wealth Fund, via the Chinggis Fund summary and The Free Library).
Holdings reported in the 2026 draft budget - REPORTED
Reporting on the government's draft 2026 budget submission stated that the Future Heritage Fund was holding MNT 4,706.1 billion and the Savings Fund MNT 654.4 billion, a total of MNT 5,360.5 billion, with the Sovereign Wealth Fund expected to increase by a further MNT 2,956.1 billion in 2026 (Mongolian Business Database, Government Submits Draft 2026 Budget, published 2 September 2025).
Holdings held in central bank deposits - DOCUMENTED
As of the 2026 Investment Climate Statement, the Future Heritage Fund's near $1.5 billion holdings are invested in central bank deposits, although officials indicate that international investments, including investments in U.S. securities, should increase in 2026 in accordance with the statutory mandate (United States Department of State, 2026 Investment Climate Statement: Mongolia).
RECORD
Funding rules and the 2030 lock - DOCUMENTED
The main sources of income are a portion of mineral royalties and dividends distributed to state shares in licensed companies operating on mining deposits, plus 20% of Government mineral revenues over and above the level collected in the base year of 2017 and 50% of any revenue raised from new or incremental taxes on the exploitation of mineral resources. Revenues have been deposited from 2017, while withdrawals except for operational management fees are not allowed before 2030; beginning from 2030 the fund will disburse a percentage of its net investment income to the state budget (International Forum of Sovereign Wealth Funds, Future Heritage Fund profile).
Predecessor debt transferred in - DOCUMENTED
Parliament adopted the Future Heritage Fund Law in early 2016 as the Human Development Fund was closed; the Human Development Fund's debts, equal to MNT 1.071 trillion, were transferred to the new fund, and only in 2019 did the Future Heritage Fund come out from under its predecessor's debt and start accumulating savings (Natural Resource Governance Institute, Mining Lessons From Mongolia's Many Revenue-Sharing Experiments).
2024 Sovereign Wealth Fund Law - DOCUMENTED
On 19 April 2024 Parliament enacted the Law on the National Sovereign Wealth Fund, comprised of three diversified funds: the Future Heritage Fund, the Savings Fund and the Development Fund; the Future Heritage Fund aims to accumulate a portion of revenue from mining royalty payments, invest them in publicly-listed financial instruments in foreign markets, and collect returns for future generations, with no withdrawals permitted until 2030 and 65% of the remaining allocation of mining royalty payments, following transfers to the Fiscal Stability Fund and Local Development Fund, allotted to the fund (Government of Mongolia, Final Offering Memorandum dated 18 February 2025, via SGX).
Management vehicle established in 2025 - DOCUMENTED
By Government Resolution No. 42 of 2025, the Government established Chinggis khaan Sovereign Wealth Fund LLC as a subsidiary of Erdenes Mongol Group; under Government Resolution No. 72 of 2025, the Ministry of Finance and the Bank of Mongolia signed an agreement to place foreign currency deposits from the Future Heritage Fund with the central bank, marking the official commencement of professional management of the fund's assets in accordance with the investment policy, and Future Heritage Fund assets were fully ring-fenced into a foreign currency account held at the Bank of Mongolia (Chinggis Khaan Sovereign Wealth Fund, official site, swf.gov.mn).
A filled seal is documented. An open seal is an allegation, source named.
How to read this page. Every line names its source. A line marked ALLEGATION is a claim already published by the named source and already in the public record. Decode Mongolia republishes it as reported, with the source named, and has not verified it. An allegation is not a finding, and nothing on this page is proof of wrongdoing.