Top 5 countries with the oldest population in the world
Top 5 countries with the oldest population globally, aging, and increasing life expectancy are causes for celebration, as they reflect a country’s success in healthcare and medical advancements. But population aging presents significant economic challenges, especially as it is often accompanied by low birth and fertility rates, causing the population to decline. It will make it harder to generate economic growth while significantly straining pension and social security systems.
Aging populations also present business opportunities. The need to mitigate against a shrinking labor force also spurs technology innovations and product developments aimed toward the senior consumer.
Euromonitor has identified the world’s top 5 aging populations and supported a ranking of old-age dependency ratios (the share of the population aged 65+ in relevance to the working-age population).
Japan is the oldest country in the world
Japan is home to the most aged population in the world. The Japanese population is decreasing, with the majority age groups (except the 65+) set to experience steep declines within the period through to 2030. By 2030, the old-age dependency ratio in Japan will reach 53.6%.
Immigrants are the only driver of Italy’s population gain.
Italy’s old-age dependency ratio is the second-highest among all major economies and the first highest in Europe. The 65+ age group in Italy is set to reach 16.2 million in 2030. Given a fertility rate of 1.4 births per female, well below the 2.1 needed for natural replacement, net migration is providing some relief to Italy’s Ageing and declining population.
Immigrants, most of whom are of working age, are the sole driver of the country’s population gains. It is expected that foreign citizens will make up 9.9% of the total population in Italy by 2030 when the old-age dependency ratio is forecast at 44.3%.
Greece will overtake Italy to become the second oldest country in the world.
By 2030, Greece’s old-age dependency ratio will reach 44.3%, up from 32.3% in 2015. With this, the share of people aged 65 and older in the working-age population in Greece will overtake Italy to become the second-highest in the world (behind Japan), putting increasing pressure on the country’s shrinking workforce. As a result of significant government cuts in social spending (including pension payments), Greeks aged 65 and over are particularly hard hit.
Finland’s 65+ age group to expand.
Of the highest aging populations, Finland – one among the oldest countries in Western Europe – is predicted to experience a significant dramatic expansion within the population aged 65. Yet, due to positive net migration, Finland’s total population is about to expand at the fastest rate among the highest aging nations.
Portugal overtakes Germany to become the fifth-highest aging population in the world.
Top 5 countries with the oldest population globally, Portugal’s population is shrinking due to meager fertility rates and emigration. Portugal has eased its immigration policy to attract immigrants and reverse the depopulation trend, but it is still expected to see a substantial increase in its population aged 65+ through 2030.
Top 5 countries with the oldest population in the world, Although all the very best markets with the highest old-age dependency ratios, are developed nations, population aging isn’t a problem facing the developed world alone. Population aging is a global trend, and businesses that respond, adapt, and innovate accordingly can expect to thrive and prosper.
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