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’”