Singapore Markets close in 5 hrs 56 mins

Chart: Singapore's 65+ age group to account for 40% of population by 2050

See how the forecasted population growth is compared to Asian peers.

The chart from HSBC shows that proportion of over 65 year olds in the populationtion is set to double if not triple across Asia, except in Australia, New Zealand and Japan (where it is already high).

In China for example, this ratio will rise from 9.9% to 30.8%, less than elsewhere, but still a significant increase, while in Korea, the over 65 ratio will jump from 13.8% currently to 40.2% in 2050, said HSBC. This implies that nearly 1 in 2 Koreans will be over the age of 65.

In Singapore, the ratio is projected to rise from the current 12% to 23% by 2030 and then to a whopping 40% by 2050.

HSBC notes that the demographic projections are based on parameters such as fertility, mortality and life expectancy, which are largely known and unlikely to change short of major catastrophes or scientific breakthroughs.

More From Singapore Business Review