Ageing Asia Silver Economy Index 2020 sees Singapore emerges first in the ranking followed by Japan and Australia in the second and third placing.
The Ageing Asia Silver Economy Index (the Index) is a ranking of countries identified as potential silver economy growth markets in Asia Pacific by market potential for the ageing population, focusing on the capacity to spend of each country’s ageing population or supported by their children.
In the 2015 index, Singapore exhibited the biggest silver economy potential, and the nation continues to show the biggest potential in the 2020 index. Japan is closely in the second position from a number sixth ranking in 2015 while Australia maintains third in position for both consecutive index rankings.
Hong Kong SAR was in the second position in the 2015 Silver Economy Index, but it has dropped two rankings down to fourth position in the 2020 edition. Japan’s jump to the second position in 2020 is largely attributed to improved household savings per capita forecasted in 2025 compared to other developed countries, in addition to a large ageing population and longer life expectancy.