CHINGGIS KHAAN SOVEREIGN WEALTH FUND

Chinggis Khaan Sovereign Wealth Fund is a Mongolian sovereign wealth fund established to invest and grow the country's natural resource revenues over the long term, preserve their value, and distribute the benefits fairly and equitably to all citizens of Mongolia, current and future generations. 

The Fund comprises three sub-funds: the Future Heritage Fund, the Savings Fund, and the Development Fund.

Future Heritage Fund
Future Heritage Fund

Preserve and grow national wealth for future generations

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Savings Fund
Savings Fund

Ensure fair and inclusive distribution of natural resource wealth among citizens

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Development Fund
Development Fund

Finance development initiatives aligned with Mongolia’s long-term economic goals

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HISTORICAL OVERVIEW OF THE SOVEREIGN WEALTH FUND

Mongolia’s journey to establish a modern sovereign wealth fund spans two decades, from early post-1990 revenue funds and the creation of the Future Heritage Fund, to major constitutional reforms and the 2024 Sovereign Wealth Fund Law, culminating in the establishment of the Chinggis Khaan Sovereign Wealth Fund in 2025 to secure long-term prosperity for all citizens.

2009-11-18
2016-02-05
2019-11-14
2021-11-15
2024-04-19
2024-05-09
2024-12-20
2024-12-31
2025-02-19
2025-03-07
2025-04-16
2025-05-30
Citizens received benefits from mining revenues

Mongolia’s journey to establish a modern sovereign wealth fund spans two decades, from early post-1990 revenue funds and the creation of the Future Heritage Fund, to major constitutional reforms and the 2024 Sovereign Wealth Fund Law, culminating in the establishment of the Chinggis Khaan Sovereign Wealth Fund in 2025 to secure long-term prosperity for all citizens.

Foundation of Chinggis Khaan Sovereign Wealth Fund

The Law on the Future Heritage Fund was enacted, establishing a long-term savings system to set aside part of mineral revenues for Mongolia’s future generations. The Fund began accumulating resources from mineral royalties, marking the foundation for the Sovereign Wealth Fund.

Sovereign Wealth Fund anchored in the Constitution

Mongolia amended its Constitution to ensure that the nation’s mineral resources are managed for the benefit of all citizens. The amendments also enshrined the concept of a Sovereign Wealth Fund, strengthening the foundation for the fair and responsible use of resource revenues.

Government proposed establishing a Development Fund

The Government of Mongolia proposed establishing a new wealth fund focused on domestic investment and prepared the initial draft of the Sovereign Wealth Fund Law.

Enacted Law on the Sovereign Wealth Fund

The State Great Khural (Parliament) passed "The Law on the Sovereign Wealth Fund," establishing the legal foundation for a new sovereign wealth fund. Concurrently, Parliament Resolution No. 30 outlined the implementation measures necessary for the law’s enforcement.

Savings Fund receives its first deposit

The Savings Fund account was opened at the Bank of Mongolia, and revenue from state-owned mining enterprises has begun to flow into the fund. On the same day, the Ministry of Finance, on behalf of the Government, signed the agreement with the Bank of Mongolia, officially initiating the fund’s asset management operations.

Wealth fund was named in honor of Great Emperor Chinggis Khaan

By Government Resolution No. 223, the wealth fund was officially named the “Chinggis Khaan Sovereign Wealth Fund,” in honor of the Great Emperor of Mongolia.

Future Heritage Fund assets secured at the Bank of Mongolia

Future Heritage Fund assets were fully ring-fenced into a foreign currency account held at the Bank of Mongolia. Pursuant to Article 8.1.4 of the Law on the Sovereign Wealth Fund, the Minister of Finance approved key methodologies and procedures for calculating and transferring revenue sources of the Future Heritage Fund and Savings Fund.

Established "Chinggis khaan Sovereign Wealth Fund" LLC

By Government Resolution No. 42 of 2025, the Government of Mongolia established "Chinggis khaan Sovereign Wealth Fund" LLC as subsidiary of Erdenes Mongol Group.

Future Heritage Fund launches asset management in global markets

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. This marked the official commencement of professional management of the fund’s assets in accordance with the investment policy.

1,072 shares dividends were transferred to citizens’ Individual Savings Accounts

A nationwide public poll was conducted with the participation of more than 775,000 citizens. Based on their preferences, whether to receive the 2024 dividends from their 1,072 Erdenes Tavan Tolgoi shares in cash, to allocate them to their Individual Savings Accounts, or to contribute them to the Development Fund, the corresponding transfers were executed.

Mortgage financing for citizens to continues through the Savings Fund

A General Agreement on “Managing and Growing the Assets of the Savings Fund” was concluded, enabling the continued financing of the national mortgage program. This decision aligns with the Fund’s Asset Management Policy Framework and ensures the continuation of the Government’s subsidized mortgage loan program.

News
Government of Mongolia Signs Memorandum of Understanding with Franklin Templeton
News 2026-07-08

Government of Mongolia Signs Memorandum of Understanding with Franklin Templeton

B. Enkhbayar, Minister of Mongolia and Chief Cabinet Secretary, has signed a Memorandum of Understanding (MoU) with representatives of Franklin Templeton—one of the world's premier investment management firms—within the framework of advancing state-owned enterprise (SOE) policy reform.

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Chinggis Khaan Sovereign Wealth Fund Named World’s Most Improved Fund in 2026 Global GSR Scoreboard
News 2026-06-30

Chinggis Khaan Sovereign Wealth Fund Named World’s Most Improved Fund in 2026 Global GSR Scoreboard

The Chinggis Khaan Sovereign Wealth Fund (CKSWF) has been named the most improved sovereign wealth fund of the year, according to the latest Global SWF Governance, Sustainability, and Resilience (GSR) Scoreboard.

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Chinggis Khaan Sovereign Wealth Fund Highlighted in the Latest IFSWF Newsletter
News 2026-06-26

Chinggis Khaan Sovereign Wealth Fund Highlighted in the Latest IFSWF Newsletter

The International Forum of Sovereign Wealth Funds (IFSWF) highlighted our institution’s recent structural reforms and international progress in its latest member newsletter.

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Erdenes Mongol Group to Fully Transition to Sovereign Wealth Fund Mandates and Reorganize as a Corporation
News 2026-05-27

Erdenes Mongol Group to Fully Transition to Sovereign Wealth Fund Mandates and Reorganize as a Corporation

During its regular session today, the Cabinet of Mongolia made a landmark decision to fully transition the "Erdenes Mongol" group to the core functions outlined in the Sovereign Wealth Fund Law. Under this directive, the group will be restructured and officially reorganized as the "Chinggis Khaan Sovereign Wealth Fund Corporation."

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Strategic Deposit Holders Support Fair and Equitable Resource Distribution
News 2026-05-12

Strategic Deposit Holders Support Fair and Equitable Resource Distribution

On May 11, Prime Minister N. Uchral met with the license holders of Mongolia's strategically important mineral deposits. During the meeting, the government announced its intention to urgently submit a draft bill to Parliament aimed at formalizing state ownership stakes in strategic deposits and their derivatives. The legislation will channel these assets into the Sovereign Wealth Fund, ensuring the Mongolian public receives the majority of the nation's subsoil wealth.

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Providing Expert Support to the Government Working Group on Strategic Deposit Negotiations
News 2026-05-06

Providing Expert Support to the Government Working Group on Strategic Deposit Negotiations

To increase the capital sources of the National Sovereign Wealth Fund, "Chinggis Khaan National Sovereign Wealth Fund" LLC is actively providing professional support to the Government Working Group in negotiations with license-holding legal entities of strategically important mineral deposits. Our team is developing the financial calculations and research necessary to determine the State’s ownership stake and evaluating options to substitute it with a Special Royalty.

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Providing Information and Gathering Public Feedback on the Sovereign Wealth Fund
News 2026-04-09

Providing Information and Gathering Public Feedback on the Sovereign Wealth Fund

A joint "Open Doors Day" organized by the Ministry of Industry and Mineral Resources and the Ministry of Energy is currently taking place at the central square. Representatives from "Chinggis Khaan Sovereign Wealth Fund" LLC are actively participating in the event to share information, gather public feedback, and assist citizens in checking their personal accounts within the Savings Fund.

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Leaders from the Banking, Finance, and Capital Markets Sectors Discuss the Sovereign Wealth Fund
News 2026-03-20

Leaders from the Banking, Finance, and Capital Markets Sectors Discuss the Sovereign Wealth Fund

To accelerate the implementation of the Sovereign Wealth Fund Law, establish a fair, transparent, open, stable, and responsible system, and build a mature asset management institution, a panel discussion titled "The Sovereign Wealth Fund: Current Situation and Pressing Issues" was held on March 20.

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