From Olympic stadiums to abandoned airports: billion-dollar wastes of money (2024)

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White elephant projects that cost a fortune

Whether massively underused, debt-generating or simply left abandoned, these huge projects carried a hefty price tag yet didn’t end up being worth it. From disused Olympic stadiums to an entire city that's become a ghost town, click or scroll through these billion-dollar projects that became white elephants.

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Hambantota Port, Hambantota, Sri Lanka, cost: $1 billion (£821m)

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Hambantota Port, Hambantota, Sri Lanka, cost: $1 billion (£821m)

Despite this, construction of the port began in January 2008, with around 85% of the project’s funding coming from the Chinese government. It was formally opened in November 2010. Yet even though tens of thousands of ships pass by the port each year, in 2018 just 300 of them actually stopped at it.

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Hambantota Port, Hambantota, Sri Lanka, cost: $1 billion (£821m)

Critics of the port have claimed that the Chinese government provided the initial loan to pull the already vulnerable and in-debt country under its own influence. In December 2017, the port was handed over to Chinese ownership and control – along with the 15,000 acres of land around it. Although this cancels out its $1 billion (£821m) debt, Sri Lanka’s debt problems are far from over as other loans from China have continued.

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Russky Bridge, Vladivostok, Russia, cost: $1.1 billion (£904m)

This bridge in Eastern Russia was dubbed by critics as the 'Bridge to Nowhere'. Crossing the Eastern Bosphorus Strait, Russky Bridge connects the city of Vladivostok to the island of Russky, which has a population of just over 5,300.

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Russky Bridge, Vladivostok, Russia, cost: $1.1 billion (£904m)

The world's longest cable-stayed bridge, with a central span of 3,662 feet (1,104m), it was specially built in 2012 for an economic summit of the Asia-Pacific Economic Community (Apec) lasting just two days. The price tag? An eye-watering $1.1 billion (£904m). Ridiculously oversized and underused, Russky Bridge can handle 50,000 cars a day but rarely sees anywhere near that volume of traffic.

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Russky Bridge, Vladivostok, Russia, cost: $1.1 billion (£904m)

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Mayawati parks and statues, Uttar Pradesh, India, cost: $1.3 billion (£1.1bn)

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Mayawati parks and statues, Uttar Pradesh, India, cost: $1.3 billion (£1.1bn)

Regarded by many as an obscene waste of money in a state where millions of people endure grinding poverty, the parks and statues project was heavily criticised by India's Auditor General and members of the country's National Congress.

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Mayawati parks and statues, Uttar Pradesh, India, cost: $1.3 billion (£1.1bn)

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Ryugyong Hotel, Pyongyang, North Korea, cost: $1.3 billion (£1.1bn)

Towering ominously above Pyongyang, the so-called 'Hotel of Doom' is a white elephant par excellence. Since construction began in 1987, the triangular 105-storey tower has swallowed up the equivalent of 2% of North Korea's entire GDP. In a country where an estimated 10.5 million people are undernourished, the lavish landmark serves as a jarring reminder of how the country's resources are being used irresponsibly.

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Ryugyong Hotel, Pyongyang, North Korea, cost: $1.3 billion (£1.1bn)

Beset with funding and construction problems, the hotel, which has 3,000 rooms, was meant to be officially opened in 2012 but remains unfinished, unopened and unused. Poor quality materials and electricity shortages were among the issues that stalled the tower's development.

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Ryugyong Hotel, Pyongyang, North Korea, cost: $1.3 billion (£1.1bn)

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Ciudad Real Central Airport, Ciudad Real, Spain, cost: $1.4 billion (£1.1bn)

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Ciudad Real Central Airport, Ciudad Real, Spain, cost: $1.4 billion (£1.1bn)

Investors were sucked in by wildly overoptimistic passenger forecasts – the airport can handle up to 10 million travellers a year but only several thousand passed through during its first year of operation. Airlines ended up pulling out, the owner went bankrupt, and the airport ceased operations in 2012.

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Ciudad Real Central Airport, Ciudad Real, Spain, cost: $1.4 billion (£1.1bn)

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Olympic Stadium, Montreal, Canada, cost: $1.4 billion (£1.2bn)

Montreal's Olympic Stadium is considered one of the world's most notorious white elephants. Following problem after problem, the stadium wasn't even finished in time for the 1976 games, despite its massive price tag. In 2006, the cost of the stadium was estimated at CA$1.47 billion, the equivalent of US $1.4 billion (£1.2bn) in today’s money.

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Olympic Stadium, Montreal, Canada, cost: $1.4 billion (£1.2bn)

Work pressed on until 1987 when the roof was finally completed, and even that wasn't fit for purpose – the structure was damaged several times and a portion collapsed in 1999. The stadium has managed to attract tenants on and off over the years but hasn't had a permanent tenant since 2004, adding to its white elephant reputation. However, reports say that the cost of dismantling it would actually be greater than leaving it open for occasional use.

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Olympic Stadium, Montreal, Canada, cost: $1.4 billion (£1.2bn)

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Mirabel International Airport, Montreal, Canada, cost: $1.8 billion (£1.5bn)

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Mirabel International Airport, Montreal, Canada, cost: $1.8 billion (£1.5bn)

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Mirabel International Airport, Montreal, Canada, cost: $1.8 billion (£1.5bn)

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World Cup stadiums, Brazil: cost: $3.6 billion (£3bn)

White elephants created for sporting events are sadly all too common, and Brazil has more than its fair share. A total of 12 stadiums were built at a cost of $3.6 billion (£3bn) for the 2014 soccer World Cup.

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World Cup stadiums, Brazil: cost: $3.6 billion (£3bn)

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World Cup stadiums, Brazil: cost: $3.6 billion (£3bn)

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Maginot Line, France, cost: $3.7 billion (£3bn)

Built during the 1930s, the Maginot Line cost a staggering 3 billion francs to build, the equivalent of $3.7 billion dollars (£3bn) today. The line, named after war minister Andre Maginot, consisted of obstacles, fortifications and weapons stretching along France’s borders with Italy, Switzerland, Germany and Luxembourg. It was designed to prevent German troops invading during World War II.

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Maginot Line, France, cost: $3.7 billion (£3bn)

Yet it was infamous for being ineffective – to the point where the term 'Maginot Line' has become synonymous with any kind of barrier that provides a false sense of security. The line was much weaker through the Ardennes forest, where French military officials believed the terrain was too rough for the Germans to try to invade them. They were wrong, and in May 1940 the German army burst through the forest and invaded France.

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Maginot Line, France, cost: $3.7 billion (£3bn)

For all its faults, the Maginot Line did provide some use to troops, though it probably wasn't worth the hefty price tag. As pictured here, the underground tunnels beneath the fortifications provided training and living space for the army, including air conditioning and eating areas.

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Palace of the Parliament, Bucharest, Romania, cost: $3.9 billion (£3.2bn)

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Palace of the Parliament, Bucharest, Romania, cost: $3.9 billion (£3.2bn)

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Palace of the Parliament, Bucharest, Romania, cost: $3.9 billion (£3.2bn)

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Naypyidaw, Myanmar, cost: $4 billion (£3.3bn)

A new capital was built at a rumoured cost of $4 billion (£3.3bn) by the military dictatorship of Myanmar over a 10-year period, finishing in 2012. A vanity project of former leader Than Shwe, the capital is thought to have been moved inland following the advice of an astrologer, who warned of an amphibious US invasion via the former capital Yangon, which is located on the coast.

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Naypyidaw, Myanmar, cost: $4 billion (£3.3bn)

Myanmar's 'ghost capital' boasts wide boulevards, palatial villas, large public buildings and even a safari park. The only thing it lacks is residents. While official figures put the population at one million, the actual number of residents is close to zero, and the city represents an appalling waste of money.

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Naypyidaw, Myanmar, cost: $4 billion (£3.3bn)

The bizarre city is divided into different zones: residential zones, hotel zones, ministry zones and shopping zones, to name a few. Yet despite the enormous sums of money and extensive planning that went into creating Naypyidaw, the city remains largely a place for government buildings. Meanwhile, its infrastructure and resources are massively underused.

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UK navy aircraft carriers, cost: $7.5 billion (£6.2bn)

The British Navy commissioned two new aircraft carriers at a combined cost of nearly $7.5 billion (£6.2bn), more than double original estimates. The first, HMS Queen Elizabeth, launched to much fanfare in 2016. The second, HMS Prince of Wales, was launched in December 2017. However, they have both been labelled a grotesque waste of money by critics.

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UK navy aircraft carriers, cost: $7.5 billion (£6.2bn)

Both ships are designed to carry 40 US military aircraft, and the cost of those has spiralled too. In addition, equipment cutbacks on the carriers mean these planes cannot carry as many weapons or fly as far as originally intended. And a report claimed missiles costing a fraction of the cost of the carriers could easily disable them. At the time, UK politicians said the building of the second ship made "little sense" without sufficient planes to fly from it or ships to protect it.

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UK navy aircraft carriers, cost: $7.5 billion (£6.2bn)

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Olympic facilities, Athens, Greece, cost: $12.8 billion (£10.6bn)

Athens' Olympic facilities were such an unmitigated financial disaster that they contributed to bringing down the entire Greek economy, which is still in crisis mode today. Like many purpose-built venues and stadiums, the vast Olympic facilities were not built with the long term in mind.

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Olympic facilities, Athens, Greece, cost: $12.8 billion (£10.6bn)

Flush with EU cash, the Greek government went on a crazy spending spree to prepare for the 2004 Olympic Games in Athens. The total amount they spent on the games varies widely, but even fairly conservative estimates put it at €9 billion, around $12.8 billion (£10.6bn) in today's money.

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Olympic facilities, Athens, Greece, cost: $12.8 billion (£10.6bn)

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Olympic facilities, Beijing, China, cost: $47.6 billion (£39.2bn)

Topping our list, the 2008 Olympic Games in Beijing cost a staggering $40 billion in 2008, equivalent to $47.6 billion (£39.2bn) in today’s money. Yet over a decade later the venues are a mess. The volleyball stadium (pictured) is filled with rotting wood, watersports arenas have run dry and mascots lie abandoned.

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Olympic facilities, Beijing, China, cost: $47.6 billion (£39.2bn)

Despite conjuring up some haunting scenes, it's not all doom and gloom for Beijing's Olympic venues. The two main venues, the Bird's Nest stadium and Water Cube aquatics centre, remain popular tourist attractions, which are intended to be reused when the city hosts the Winter Olympic and Paralympic Games in 2022.

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Olympic facilities, Beijing, China, cost: $47.6 billion (£39.2bn)