,Singapore

38% of Singapore's population will be senior citizens by 2050

But here is the good news.

By 2050, 38% of the population will be aged over 60. With a weightage of 6.1, just 0.5 away from Hong Kong SAR, Singapore is a potential market to explore for ageing business opportunities and turning social challenges to opportunities. 

These are just some of the findings from the Ageing Asia Silver Economy Index where Singapore grabbed 3rd spot among 15 economies surveyed. The report showed a ranking of countries in Asia Pacific by market potential of ageing baby boomers.

Hong Kong SAR emerged in the top, followed by Australia in the second position. The survey used ’Per Capita Household Savings for aged over 60’, ’Growth rate of Household Savings’, ’Percentage of ageing population’ and ’Life Expectancy at birth’ as contributing factors.

Singapore has the highest GDP per capita PPP in Asia Pacific – US$60,900, and the third highest in the world.

The Singapore Government has also announced recently that a budget of US$400 million will be used to build 10 new nursing homes, 39 new Senior Care Centres and 56 new Senior Activity Centres by 2016 to support the needs of the local population1
.
Ms Janice Chia, Managing Director, Ageing Asia Pte Ltd, Singapore shared, “ageing in Asia Pacific will impact every sector of our economy. We need to start changing our mindsets and be more innovative about products and services that will attract spending power of ageing baby boomers, to enable them to age independently, healthily and with dignity.

Older adults in Asia-Pacific represent a US$3 Trillion market opportunity for healthcare, eldercare, financial products, education, wellness, real
estate, recreation, and more. For a start, we should stop using the term ‘silver tsunami’ and consider using ‘silver economic opportunity’” 

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Around 56% of Singaporeans overspend their money during the season.
In 2021, GDP growth hit 7.1%.
The spectrum boost will deliver significant 5G coverage Australia-wide.
Over 270 entries were received from more than 25 countries.
Micro-businesses cited lack of funds as a barrier to technology adoption.
The supervisory roundtable was held virtually.
Winners will be awarded from the first to the second week of December.
Singtel had the most growth for the day.
Its performance improved in two categories.
The expected increase will be driven by three factors.
The two also discussed post-pandemic recovery.
It also recorded a strong performance for H1 2021, despite a net loss of $150.6m.
Jigger & Pony found itself retaining its ninth ranking.
The moderate increase was driven by expansions in five out of six indicators.