Just in case you see the utter logic in developing for Windows on Linux :)

In the root of the unpacked Boost:

• Run ./bootstrap.sh --with-python=$(which python2) --prefix=${HOME}/opt/boost-win --without-icu

• Modify project-config.jam like this:

   # file.
   if ! gcc in [ feature.values <toolset> ]
   {
  -    using gcc ;
  +    using gcc : : i486-mingw32-g++ ;
   }
  
   project : default-build <toolset>gcc ;

• Compile and install by running ./bjam --layout=system variant=release threading=multi link=shared runtime-link=shared toolset=gcc target-os=windows threadapi=win32 install

Limit what is built by adding e.g. --with-program_options to that last command.