The main objective of this study is to assess the impact of the Fiscal Stability Fund and the Future Heritage Fund on the economy. The Fiscal Stability Fund was established in 2011 when the Fiscal Stability Law was implemented. The purpose of the Fiscal Stability Fund was to mitigate fiscal expenditure fluctuations caused by swings in mineral commodity prices and to encourage sustainable economic growth. In addition to the Fiscal Stability Fund, the Government of Mongolia established the Future Heritage Fund in 2016 to allocate mineral wealth across future generations. To assess the impact of the wealth funds, we developed an in-house dynamic computable general equilibrium (CGE) model which is used to simulate the economy until 2040 under four scenarios. To calibrate the model, we built a 2017 Mongolian Social Accounting Matrix of Mongolia. As the results suggest, the Fiscal Stability Fund has a stabilization effect on budget revenue, budget expenditure, and macroeconomic variables. On the other hand, the Future Heritage Fund decreases the economic growth while helping to allocate the mineral wealth of the country across generations restraining budget expenditure growth.