20211013 Mongolia mining boom Main

After 10 years of a mining-led economic boom, many Mongolians still struggle to make ends meet. © Rentsendorj Bazarsukh

Mongolia's missing millions: What happened to a decadelong mining boom

Striking it rich with huge mineral deposits. What could go wrong?

ULAANBAATAR -- Located just steps from downtown London landmarks like Harrods department store and Hyde Park, The Knightsbridge Apartments, a luxury residential building in the eponymous upscale central London neighborhood, advertises itself as "private homes enjoying levels of service and facilities to rival any five-star hotel."

Boasting white limestone floors, hardwood timber features, a pool, spa and a feng shui garden, two-bedroom flats sell for between $4 million and $8 million, according to London estate agents. Residents, meanwhile, like their privacy. Many of the residences are owned by corporations aimed at camouflaging the ultimate owner.

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