Hong Kong grabs top spot in silver economy index survey
AsiaPac's senior citizens economy to hit US$3t by 2017.
The 2nd Asia Pacific Silver Economy Business Opportunities Report 2013 launched the first Ageing Asia Silver Economy Index - a ranking of countries in Asia Pacific by market potential of ageing baby boomers.
Using ’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, the survey saw Hong Kong SAR emerging in the top followed by Australia in the second position and Singapore in the third.
The report also highlighted that Asia Pacific’s silver economy is expected to hit US$3 trillion by the year 2017. To establish the market opportunity of Asia Pacific’s ageing baby boomer population between 2012 and 2017, the Asia Pacific Silver Economy Business Opportunities Report used projected household savings, compound annual growth rate (CAGR), GDP and sample population data of those aged over 60 to establish the market size for the region’s silver economy. The analysis showed that the region’s projected household savings is likely to increase by 58%.