Latest news with #wealthdisparity
WIRED
07-07-2025
- Business
- WIRED
Thanks to Zillow, Your Friends Know How Much Your House Costs—or if You're Secretly Rich
Jul 7, 2025 6:00 AM A quick search of your friends' addresses can yield one of the most private details of their financial lives. Some people say their wealthy acquaintances aren't happy about it. Photo-Illustration:When Rebecca Kornman was a student at Kenyon College, she and some of her friends picked up a voyeuristic hobby. Using the Ohio liberal arts school's student directory, they found students' home addresses and looked them up on Zillow to see how much their families' homes cost. 'It became a kind of controversial thing that people were talking about,' says Kornman, 25. While some found it endlessly entertaining to dive into the finances of a student body where almost one in five students come from families in the top 1 percent, the popular pastime struck a nerve with a particular crowd. 'People would always frame it as, 'Well, you shouldn't do that, because some people are embarrassed about where they live.'' But she found out that one of the main crusaders against the resource was a student who grew up in a multimillion-dollar home in SoHo, Manhattan. And another student who, she says, was 'outwardly saying that they were broke and they grew up in poverty' was just one Zillow search away from being found out. 'Someone was like, 'Bro, go on the directory. They live in a brownstone, a five-story brownstone.'' 'I think it's definitely more taboo the more money you have,' Kornman says. 'You're all on the same page when you're in college. And so to differentiate each other, especially if someone's going out of their way to maybe obscure some of the facts of their life, it gives you good perspective.' Zillow, the hugely popular and addictive real-estate platform launched in 2006, has gone from simply a tool to buy and sell homes to a full-fledged phenomenon. It's used by 227 million unique visitors every month and had 2.4 billion visits in just the first quarter of 2025. (The company has such a vice-grip on real estate listings, it was recently sued by Compass for its alleged attempted monopoly on online home listings.) Turns out, it owes its mass appeal, in part, to nosy people looking to satisfy their undying curiosity about their peers' financial lives. When you look up an address on Zillow, a Zestimate—Zillow's estimate of a given property's current value—appears below photos of the property. It's calculated using 'millions of data points' including public records, MLS (multiple listing service) feeds, tax assessments, recent sales, and updates provided directly from homeowners, according to Claire Carroll, a spokesperson for Zillow. Carroll says the estimates are fairly accurate, with a median error rate nationwide of just under 2 percent for on-market homes and 7 percent for off-market homes. The price history, which includes dates of past sales with corresponding prices, is sourced through public property records, county tax assessors, and local MLS. Zillow also provides an estimation of monthly rent for rental units. Zillow does not give users the option to hide their home's Zestimate and price history. 'Open access to this kind of public information is a really important part of a fair housing market,' says Amanda Pendleton, Zillow's home trends expert. But while not everyone is thrilled with having the value and cost of their home on full display for anyone who's curious, others take full advantage of the publicity of this information by actively searching for the details of their friends' housing costs—and some are extrapolating Zillow's figures to get a fuller picture of their friends' financial situations. Like Kornman, Gillian Williams, 27, took up this pastime in college, using a database provided by her school, the University of Delaware. 'I looked up everyone I knew,' she says. 'It was just interesting to be like, 'Oh my gosh, I didn't know you're from—your parents own a multimillion dollar house in the Hamptons,'' she says. Now, as a resident of the notoriously expensive city of Washington, DC, she continues to use the platform as a means of gaining insight into her peers' financial lives—specifically to answer the question of how they get by considering the city's high cost of living. 'Years ago I went over to a new friend's apartment, and immediately on my walk home I was looking up how much she probably paid and then doing a little bit of math to be like, 'Well, if you're paying that much money for rent, what is your salary?'' Williams says. She says she based her calculation on the widely accepted idea that people should spend a maximum of 30 percent of their monthly income on housing. Salary is just one of the insights she's gained through extrapolating data from Zillow. 'It's kind of an easy way to find out if their family is helping them pay,' she says. And after discovering how much a friend paid in rent, she asked how they manage to pay their bills and learned that they were struggling with significant credit card debt. 'I didn't realize that probably more of my friends than I think are in credit card debt specifically, not just student loans but credit card debt, because they're trying to make ends meet, or they're living outside of their means to meet a lifestyle that they want or they expect.' Vivian Tu, a financial literacy content creator and author known as @yourrichbff on TikTok and Instagram, says young people today are particularly susceptible to spending outside of their budget. 'I think a huge part of that is the comparison game. Back in our parents' generation, we had 'keeping up with the Joneses,'' she says. 'For the most part you were looking at your neighbors, and those are people who were relatively within the same tax bracket.' Social media, she says, has replaced the Joneses with the Kardashians. 'All of a sudden you're not comparing yourself to people who are relatively your net-worth equal. You're comparing yourself to everybody on Earth, and you are starting to see levels of insurmountable wealth, like unimaginable wealth, that the vast majority of us will never ever obtain,' says Tu. This, combined with a lack of mandated financial education and the fact that many young adults feel disenfranchised by the US's economic system, can make the pursuit of wealth feel like a nonstarter. 'Instead of trying to be rich, be wealthier, be financially stable, we're trying to look rich, look wealthy, look financially stable,' she says. 'That means you drive a nice car, it means you live in a nice apartment. It means you have nice things to wear, and you're always in a cute new outfit on Instagram.' The phenomenon of Zillow snooping also feels in line with the current political climate. Today's young adults came of age in a moment marked by a growing backlash towards income inequality and an unfettered class of billionaires, a sentiment reflected in the popularity of shows like Succession and The White Lotus . Zillow's public pricing details give people who want to gawk at or mock the rich an opportunity to do just that within their inner circles. 'You try to be pretty objective about it, but I think it inevitably ends up seeping into your perception of someone,' Williams says. Anna Goldfarb, author of Modern Friendship , says these discoveries can lead people to make assumptions and judgments about their friends' priorities. 'It's really not about money,' Goldfarb, says. 'It's the values around money where it can get prickly with friends.' 'One of the biggest reasons friendships fade is the difference in values. So there's a real risk here of looking deeply into finances, because you're sort of putting your friendship on the line, like, 'Do we share values?' It's not that explicit, but it's definitely implied that, well, if you know your friend is in debt and makes terrible financial choices, and then you look up her home on Zillow, you're going to make all sorts of judgments about that,' Goldfarb says. But knowing that a friend appears to be doing well because they're getting a lot of help can also ease people's insecurities rather than just stoke them. Lucia Barker, 25, describes her inclination to look up her friends' apartments as 'a morbid curiosity' but says the habit has quelled her tendency to compare her own financial situation to those of her peers, particularly when it becomes clear a friend's standard of living is made possible through factors other than their salary—namely, money from their parents. New York Magazine recently reported that nearly half of parents in the US provide financial support to their adult children and that, among American adults under 43, only about one-third support themselves without help from their parents. But despite the fact that parent-subsidized lifestyles have become commonplace, a sense of shame and secrecy surrounding generational wealth persists. 'There's such a lack of financial transparency in our world,' Barker says. 'It's just helpful to know that other people's lifestyles might be because of some other reason.' Financial therapist Aja Evans says that since money remains a cultural taboo, people should take their Zillow findings with a grain of salt. 'You have no idea if they pulled all of their money from all of their retirement accounts, if somebody helped them, if they borrowed money from a friend or somebody else and then planned on paying them back. There are so many different scenarios,' says Evans. 'We don't actually have a clear financial picture of how they were able to make that happen.' But sometimes the information comes up by happenstance. Those looking for photos of a friend's new house, for example, are often met with far more information than they asked for. 'I love shows like House Hunter and anything on HGTV,' says Andrea Zlotowitz, 35. 'So when a friend says, 'I bought this house, here's the address,' to be able to see the pictures of the home that they purchased is my first interest,' she says. But regardless of her intentions, she inevitably stumbles upon details of her friend's financial standing. 'I see what they paid for it, and I can see the full price history.' Most of the people I spoke to agreed: Although many are aware of the availability of this information, it's generally still taboo to ask someone directly how much their home costs or to bring up the fact that you've sought out the answer. 'I recognize that there are some sensitivities talking about money and knowing what people spend on things,' says Zlotowitz. 'So it's certainly not something that I would later bring up to a friend, but it lives rent-free in the back of my mind.' Regardless, some think this behavior is within the bounds of the new social contract brought on by the information age: I can learn anything I want about you, and you can learn anything you want about me—we just won't talk about it. One person even likened it to vetting people before a first date. As my sister, a homeowner and avid Zillow user, told me when I mentioned this story, "I expect that everyone who enters my home knows exactly how much I bought it for.'
Yahoo
04-07-2025
- Politics
- Yahoo
Philipsburg resident announces plans to run for state representative in 77th District
A Philipsburg resident who ran for a seat in Congress during the last election announced his intentions Thursday to seek the Democratic nomination for Pennsylvania's 77th House District next year. Zach Womer made his announcement following the passage of President Donald Trump's 'Big Beautiful Bill' and made note of cuts to Medicaid and the Supplemental Nutrition Assistance Program that he said will 'shift responsibility for our social safety net to state legislatures.' 'Whether the decisions were made in Washington D.C. or Harrisburg, I have watched a decades long tragedy of the wealth of our nation transferring from the poor and working class to people who have never swung a hammer, never milked a cow, but hold a large portion of our nation's wealth,' he said in a written statement. The 77th House District has been represented by state Rep. Scott Conklin, D-Rush Township, since 2007. Conklin won reelection in November to another two-year term and has not publicly announced whether he'll run for an 11th term. In November's election, Womer ran as a political newcomer against U.S. Rep. Glenn 'GT' Thompson, R-Howard, who won by more than a 40-point margin. Womer is also running in this year's election for Philipsburg mayor against Republican incumbent John Streno. 'We now sit at a greater disparity in wealth than in the gilded age,' Womer said in the written statement. 'As a state legislator, I will fight to the greatest extent I am able to ensure that the Commonwealth of Pennsylvania represents the interests of the working men and women that call it home.' House District 77 includes part of State College borough, along with Port Matilda and Patton, Ferguson, Rush, Huston and Worth townships.
The Independent
25-06-2025
- Entertainment
- The Independent
Protest groups united in anger as Bezos' star-studded wedding arrives in Venice
Jeff Bezos's lavish wedding to Lauren Sanchez in Venice this weekend has ignited a wave of protests, with activists decrying the opulent celebrations as a stark symbol of widening wealth disparity and a disregard for the historic city's residents. A coalition of a dozen Venetian organisations, including housing advocates, anti-cruise ship campaigners, and university groups, have united under the banner "No Space for Bezos." This slogan is a pointed reference not only to the perceived lack of space for ordinary Venetians but also to Ms Sanchez's recent space flight. Their demonstrations highlight concerns over the growing gap between the ultra-rich and the local population. Small-scale protests have seen anti-Bezos banners unfurled across iconic Venetian landmarks. This week, the movement gained further momentum with the involvement of Greenpeace and the British group "Everyone Hates Elon," known for their protests against Elon Musk. Together, they displayed a giant banner in St. Mark's Square, specifically targeting purported tax breaks enjoyed by billionaires. 'IF YOU CAN RENT VENICE FOR YOUR WEDDING YOU CAN PAY MORE TAX,' read the banner, which featured a huge image of Bezos. Police quickly took it away. There has been no comment from Bezos' representatives on the protests. The local activists had planned a more organized protest for Saturday, aiming to obstruct access to canals with boats to prevent guests from reaching a wedding venue. Then they modified the protest to a march from the train station after claiming a victory, asserting that their pressure forced organizers to change the venue to the Arsenale, a more easily secured site beyond Venice's congested center. 'It will be a strong, decisive protest, but peaceful,'' said Federica Toninello, an activist with the Social Housing Assembly network. 'We want it to be like a party, with music, to make clear what we want our Venice to look like." Among the 200 guests confirmed to be attending the wedding are Mick Jagger, Ivanka Trump, Oprah Winfrey, Katy Perry and Leonardo DiCaprio. Venice, renowned for its romantic canal vistas, hosts hundreds of weddings each year, not infrequently those of the rich and famous. Previous celebrity weddings, like that of George Clooney to human rights lawyer Amal Alamuddin in 2014, were embraced by the public. Hundreds turned out to wish the couple well at City Hall. Bezos has a different political and business profile, said Tommaso Cacciari, a prominent figure in the movement that successfully pushed for a ban on cruise ships over 25,000 tons traveling through the Giudecca Canal in central Venice. 'Bezos is not a Hollywood actor,'' Cacciari said. 'He is an ultra-billionaire who sat next to Donald Trump during the inauguration, who contributed to his re-election and is contributing in a direct and heavy way to this new global obscurantism.'' Critics also cite Amazon 's labor practices, ongoing tax disputes with European governments and Bezos' political associations as additional reasons for concern. Activists also argue that the Bezos wedding exemplifies broader failures in municipal governance, particularly the prioritization of tourism over residents' needs. They cite measures such as the day-tripper tax — which critics argue reinforces Venice's image as a theme park — as ineffective. Chief among their concerns is the lack of investment in affordable housing and essential services. City officials have defended the wedding. Mayor Luigi Brugnaro called the event an honor for Venice, and the city denied the wedding would cause disruptions. "Venice once again reveals itself to be a global stage,'' Brugnaro told The Associated Press, adding he hoped to meet Bezos while he was in town. Meanwhile, a Venetian environmental research association, Corila, issued a statement saying Bezos' Earth Fund was supporting its work with an 'important donation.' Corila, which unites university scholars and Italy 's main national research council in researching Venetian protection strategies, wouldn't say how much Bezos was donating but said contact began in April, well before the protests started.
Yahoo
02-06-2025
- Business
- Yahoo
How protests over designer handbags threw Mongolia into political crisis
Mongolia has been thrown into fresh political crisis with protesters calling for the resignation of the country's prime minister over his family's lavish displays of wealth. For two weeks, young Mongolians have taken to the streets of the capital putting pressure on Prime Minister Oyun-Erdene Luvsannamsrai who will face a vote of confidence in his government on Monday. Democratic Mongolia is a landlocked nation of just 3.5 million people sandwiched between authoritarian giants China and Russia, and the latest political crisis has put renewed scrutiny on the stability of the country's democracy. Here's what to know: The protests were triggered by social media posts that went viral showing the prime minister's 23-year-old son's lavish engagement proposal and their apparent extravagant lifestyle including helicopter-rides, an expensive ring, designer handbags and a luxury car. Suspicion grew over how the son accumulated such wealth – especially as Prime Minister Oyun-Erdene campaigned on being from a rural, not wealthy family. 'With no visible sources of income, their display of luxury bags, private travel, and high-end living was a blatant slap in the face to the average Mongolian citizen,' said Amina, 28, a member of protest group Ogtsroh Amarhan (Resigning is Easy). Amina, who wanted to go by one name for security reasons, said the protests go beyond the social media posts flaunting wealth, which she said were symptomatic of a widening disconnect between the ruling elite and everyday people. Deeping the anger is the rising cost of living, soaring inflation in the wake of Russia's war in Ukraine, and choking pollution in the capital that's home to half the population. 'The cost of living in Mongolia has skyrocketed — many people are paying nearly half of their monthly income in taxes while barely making enough to cover food, rent, or utilities. Most are not living paycheck to paycheck anymore — they're living loan to loan, debt to debt,' she said. Protesters have gathered in the capital Ulaanbaatar's central Sükhbaatar Square, in front of the Government Palace, almost daily for two weeks, calling for Oyun-Erdene to release his finances and resign. The Prime Minister's office called the allegations of financial impropriety 'completely unfounded.' 'The prime minister makes regular financial declarations annually in line with Mongolian law,' the office said in a statement to CNN. For decades, Mongolia has struggled with endemic graft and protests often break out over allegations that corrupt officials and business leaders were enriching themselves with public funds. Mass protests erupted in 2022 over a corruption scandal involving the alleged embezzlement of billions of dollars' worth of coal destined for China. Though analysts say there is no evidence of corruption by Oyun-Erdene, his son's social media posts deepened the frustration of a public long wary of their elected officials misusing public resources. 'I want a fair society where ordinary people have a voice, and where government officials are held accountable. Seeing so much inequality, injustice, and arrogance from those in power pushed me to speak up,' said Ariunzaya Khajidmaa, 23, a resident of Ulaanbaatar who joined the protests with her 2-month-old baby. Part of public frustration is that even when corruption cases are prosecuted, they are slow to work their way through the judicial system, leading some to question the independence of the judiciary. The 2024 Freedom House index said 'corruption and political influence in the daily work of judges remain concerns.' 'If you look at the corruption index, it has gone down. And one explanation is that, even though the Prime Minister has exposed a lot of the corruption cases, nothing has been done. So now everybody's looking at the judiciary,' said Bolor Lkhaajav, a Mongolian political analyst and commentator. The Prime Minister is trying to save his coalition government and parliament, called the State Great Khural, is holding a vote of confidence on Monday. Oyun-Erdene and his son have submitted themselves to Mongolia's anti-corruption agency and the prime minister said he would resign if the investigation uncovered any irregularities. His Mongolian People's Party (MPP) is the largest in the 126-seat parliament, holding 68 seats. But complicating the confidence vote is that the ruling coalition appears to be breaking up. The MPP kicked out its junior partner, the Democratic Party – which controls 43 seats – after some of its members supported the protesters. The protests are just 'the tip of the iceberg,' said Jargalsaikhan Dambadarjaa, a Mongolian broadcaster and political commentator, who pointed to some of the major economic shifts in the country. Oyun-Erdene, who was re-elected to a second term in 2024, had promised to diversify the country's economy, which is dependent on the mining industry accounting for about a quarter of GDP. Mongolia has huge deposits of coal, copper, gold and phosphorite, and about 90% of Mongolia's coal exports go to China. Oyun-Erdene's coalition government last year announced 14 new mega projects to boost economic growth, including cross-border railway connections and a major expansion of renewable energy. And one of Oyun-Erdene's signature policy centerpieces was establishing a national wealth fund, which the government said aimed to redistribute the country's assets to the people. The Sovereign Wealth Fund law, approved by parliament in April, allows the government to take a 34% stake in mines considered to have strategic mineral deposits, meaning they are vital for the country's economy and development. There are currently 16 such sites and the profits will go into the fund, with portions allocated to benefitting Mongolian people including through financial assistance, healthcare, education, and housing, according to public broadcaster Montsame. The move has not sat well with the country's wealthy and powerful mining elite. 'These people, they are now at the edge of losing their power - huge money - which created huge inequality in the country. So they are fighting to the death against this government,' said Jargalsaikhan. Mongolia has been a parliamentary democracy since its democratic revolution in 1991. But the years since have seen multiple governments toppled, or leaders shuffled. This instability has led some Mongolians to believe the powers of President Khurelsukh Ukhnaa, who is head of state, should be extended. Currently, the president can only serve one six-year term. 'In this mosaic, those who are supporting presidential power argue that, look at Russia and China, they are one-man presidential powers and they are very stable. They say, we tried this parliamentarian system and it looks like it doesn't work. That's their idea,' Jargalsaikhan said. Khurelsukh has repeatedly said he does not want to change Mongolia's parliamentary democracy. However, some believe amending the constitution to extend presidential term limits is on the table. 'It's a very crucial time, a very delicate time, and it's another test to our democracy,' said Jargalsaikhan. 'Freedom comes only with the parliamentary system… If we don't do that, we will be another failed economy, a failed nation.' In a statement, the prime minister's office said, 'there has been a deliberate attempt to undermine' the reforms of the coalition government by a 'hostile campaign' that would 'turn Mongolia away from a parliamentary democracy and return power and wealth to a small group driven by self-interest.' Analysts say Mongolia needs to show it can have stable governance so it can attract broader foreign investment and reduce its economic dependence on China and Russia. Khurelsukh last year welcomed Russian President Vladimir Putin for an official visit to Mongolia, a trip condemened by Ukraine. The visit was Putin's first to a member country of the International Criminal Court which had issued an arrest warrant for Putin on charges on war crimes. 'A lot of the governments that are looking at Mongolia as an oasis of democracy between Russia and China, so they want to trust us, but at the same time, you have to show some accountability and stability for other governments to say, okay, Mongolia is getting better,' said Bolor. Those on the streets say they are tired of political games and want to see tangible improvements to their daily lives. 'We want stronger anti-corruption measures, public officials who are held to ethical standards, and a system that ensures no one is above the law,' said Ariunzaya. 'It's time for the government to listen to its citizens and take meaningful, lasting action—not just offer words.' CNN's Alysha Bibi contributed reporting.
CNN
02-06-2025
- Business
- CNN
How protests over designer handbags threw Mongolia into political crisis
Mongolia has been thrown into fresh political crisis with protesters calling for the resignation of the country's prime minister over his family's lavish displays of wealth. For two weeks, young Mongolians have taken to the streets of the capital putting pressure on Prime Minister Oyun-Erdene Luvsannamsrai who will face a vote of confidence in his government on Monday. Democratic Mongolia is a landlocked nation of just 3.5 million people sandwiched between authoritarian giants China and Russia, and the latest political crisis has put renewed scrutiny on the stability of the country's democracy. Here's what to know: The protests were triggered by social media posts that went viral showing the prime minister's 23-year-old son's lavish engagement proposal and their apparent extravagant lifestyle including helicopter-rides, an expensive ring, designer handbags and a luxury car. Suspicion grew over how the son accumulated such wealth – especially as Prime Minister Oyun-Erdene campaigned on being from a rural, not wealthy family. 'With no visible sources of income, their display of luxury bags, private travel, and high-end living was a blatant slap in the face to the average Mongolian citizen,' said Amina, 28, a member of protest group Ogtsroh Amarhan (Resigning is Easy). Amina, who wanted to go by one name for security reasons, said the protests go beyond the social media posts flaunting wealth, which she said were symptomatic of a widening disconnect between the ruling elite and everyday people. Deeping the anger is the rising cost of living, soaring inflation in the wake of Russia's war in Ukraine, and choking pollution in the capital that's home to half the population. 'The cost of living in Mongolia has skyrocketed — many people are paying nearly half of their monthly income in taxes while barely making enough to cover food, rent, or utilities. Most are not living paycheck to paycheck anymore — they're living loan to loan, debt to debt,' she said. Protesters have gathered in the capital Ulaanbaatar's central Sükhbaatar Square, in front of the Government Palace, almost daily for two weeks, calling for Oyun-Erdene to release his finances and resign. The Prime Minister's office called the allegations of financial impropriety 'completely unfounded.' 'The prime minister makes regular financial declarations annually in line with Mongolian law,' the office said in a statement to CNN. For decades, Mongolia has struggled with endemic graft and protests often break out over allegations that corrupt officials and business leaders were enriching themselves with public funds. Mass protests erupted in 2022 over a corruption scandal involving the alleged embezzlement of billions of dollars' worth of coal destined for China. Though analysts say there is no evidence of corruption by Oyun-Erdene, his son's social media posts deepened the frustration of a public long wary of their elected officials misusing public resources. 'I want a fair society where ordinary people have a voice, and where government officials are held accountable. Seeing so much inequality, injustice, and arrogance from those in power pushed me to speak up,' said Ariunzaya Khajidmaa, 23, a resident of Ulaanbaatar who joined the protests with her 2-month-old baby. Part of public frustration is that even when corruption cases are prosecuted, they are slow to work their way through the judicial system, leading some to question the independence of the judiciary. The 2024 Freedom House index said 'corruption and political influence in the daily work of judges remain concerns.' 'If you look at the corruption index, it has gone down. And one explanation is that, even though the Prime Minister has exposed a lot of the corruption cases, nothing has been done. So now everybody's looking at the judiciary,' said Bolor Lkhaajav, a Mongolian political analyst and commentator. The Prime Minister is trying to save his coalition government and parliament, called the State Great Khural, is holding a vote of confidence on Monday. Oyun-Erdene and his son have submitted themselves to Mongolia's anti-corruption agency and the prime minister said he would resign if the investigation uncovered any irregularities. His Mongolian People's Party (MPP) is the largest in the 126-seat parliament, holding 68 seats. But complicating the confidence vote is that the ruling coalition appears to be breaking up. The MPP kicked out its junior partner, the Democratic Party – which controls 43 seats – after some of its members supported the protesters. The protests are just 'the tip of the iceberg,' said Jargalsaikhan Dambadarjaa, a Mongolian broadcaster and political commentator, who pointed to some of the major economic shifts in the country. Oyun-Erdene, who was re-elected to a second term in 2024, had promised to diversify the country's economy, which is dependent on the mining industry accounting for about a quarter of GDP. Mongolia has huge deposits of coal, copper, gold and phosphorite, and about 90% of Mongolia's coal exports go to China. Oyun-Erdene's coalition government last year announced 14 new mega projects to boost economic growth, including cross-border railway connections and a major expansion of renewable energy. And one of Oyun-Erdene's signature policy centerpieces was establishing a national wealth fund, which the government said aimed to redistribute the country's assets to the people. The Sovereign Wealth Fund law, approved by parliament in April, allows the government to take a 34% stake in mines considered to have strategic mineral deposits, meaning they are vital for the country's economy and development. There are currently 16 such sites and the profits will go into the fund, with portions allocated to benefitting Mongolian people including through financial assistance, healthcare, education, and housing, according to public broadcaster Montsame. The move has not sat well with the country's wealthy and powerful mining elite. 'These people, they are now at the edge of losing their power - huge money - which created huge inequality in the country. So they are fighting to the death against this government,' said Jargalsaikhan. Mongolia has been a parliamentary democracy since its democratic revolution in 1991. But the years since have seen multiple governments toppled, or leaders shuffled. This instability has led some Mongolians to believe the powers of President Khurelsukh Ukhnaa, who is head of state, should be extended. Currently, the president can only serve one six-year term. 'In this mosaic, those who are supporting presidential power argue that, look at Russia and China, they are one-man presidential powers and they are very stable. They say, we tried this parliamentarian system and it looks like it doesn't work. That's their idea,' Jargalsaikhan said. Khurelsukh has repeatedly said he does not want to change Mongolia's parliamentary democracy. However, some believe amending the constitution to extend presidential term limits is on the table. 'It's a very crucial time, a very delicate time, and it's another test to our democracy,' said Jargalsaikhan. 'Freedom comes only with the parliamentary system… If we don't do that, we will be another failed economy, a failed nation.' In a statement, the prime minister's office said, 'there has been a deliberate attempt to undermine' the reforms of the coalition government by a 'hostile campaign' that would 'turn Mongolia away from a parliamentary democracy and return power and wealth to a small group driven by self-interest.' Analysts say Mongolia needs to show it can have stable governance so it can attract broader foreign investment and reduce its economic dependence on China and Russia. Khurelsukh last year welcomed Russian President Vladimir Putin for an official visit to Mongolia, a trip condemened by Ukraine. The visit was Putin's first to a member country of the International Criminal Court which had issued an arrest warrant for Putin on charges on war crimes. 'A lot of the governments that are looking at Mongolia as an oasis of democracy between Russia and China, so they want to trust us, but at the same time, you have to show some accountability and stability for other governments to say, okay, Mongolia is getting better,' said Bolor. Those on the streets say they are tired of political games and want to see tangible improvements to their daily lives. 'We want stronger anti-corruption measures, public officials who are held to ethical standards, and a system that ensures no one is above the law,' said Ariunzaya. 'It's time for the government to listen to its citizens and take meaningful, lasting action—not just offer words.' CNN's Alysha Bibi contributed reporting.
