Ageing population to radically impact doing business in Hong Kong in the next decade

The people aged 65 and over will hit 1.9m by 2027.

The backdrop to doing business in Hong Kong, according to Deloitte, will change radically within a decade as retirees surge in number. The number of people in Hong Kong aged 65 and over will rise from just 1.2 million to 1.9 million by 2027, and 2.4 million by 2037.

Here's more from Deloitte:

At the same time, the number of children in Hong Kong (those aged through to 14) has already fallen behind the number of people aged over 65. In fact, Hong Kong has around one-quarter fewer children today compared to the 1980s.

While births are finally on the rise, these past trends will limit future growth, with consistently fewer people starting their working lives than there are older workers retiring at the end of theirs.

To add to that quantitative problem, there is survey evidence suggesting a surprisingly high number of young adults would live elsewhere if they could,6 a qualitative issue further jeopardising the long-run pipeline of new workers.