In this piece, we will take a look at 30 countries with the oldest people in the world. If you want to skip our analysis of the impact of population aging on economic growth, then head on over to 5 Countries with the Oldest People in the World.
Aging is a natural part of life. Unless humanity discovers the key to immortality or develops technologies to reverse the process of cell death, everyone will get old.
However, while the drawbacks of aging are often quite manageable on an individual level, when it comes to societal or economic levels, if population planners fail to foresee relevant trends, then aging can cause quite a bit of harm to a country. This is due to the simple fact that older people can not work for similar time periods as the young can; they are often retired and in those countries that have social security programs, they also depend on taxpayer support to live their life in peace.
Therefore, if a country does not replenish its population with an adequate number of young people, then not only does economic productivity drop but those that work often have to work longer and pay more taxes to keep government budgets sustainable. Nowhere else is this more clear than in Japan. The world's third biggest economy is facing a population crisis that has seen a larger number of its population grow older than the number of young people that are able to replace them in the workforce. Japan's population dropped by half a million in 2022, with the annual growth rate in the year sitting at -0.53%. This has also led to only 53% of its population actually being a part of the workforce - a figure that implies that only half of all Japanese are meaningfully employed.
This imbalance in population ages creates what is called a downward shift in the Japanese economy. In simple terms, this means that since there are more older people in Japan, as they leave the job market and new roles open up, there are not enough young people to fill the positions. This leads to numerous roles being left unfilled and a contraction in the labor market and by extension, the economy. One key factor that has contributed to the slow Japanese population growth is the country's lower fertility rate. A rise in working standards for women has led to fewer marriages in society, and the Japanese fertility rate fell to 1.29 in 2004 for a new low. At the same time, a growth in living standards has also led to Japanese people living longer and the country's strong social support system also removes the need for people to raise children simply to have someone to take care of them in old age.
This growth in the number of older people in Japan also has implications for the global economy. Japan has some of the biggest car manufacturing, consumer electronics, and semiconductor raw materials industries in the world. Their slowdown can disrupt the supply chains for these industries; albeit, the slowdown will be slow.
Enough with Japan for now though. Growth in older people also has benefits for a variety of industries. The most crucial of these industries is naturally healthcare. However, while healthcare companies benefit from older people in the form of more business, a fresh report from the World Bank suggests that governments need to work with the industry to ensure adequate financing, innovative services and technologies catered to older people, and regular evaluation of these products to ensure that targetted needs are met.
In the U.S., elder care is often carried out through nursing homes, and the annual costs of such facilities range between $94,000 and $109,000. Adding to this, some of the biggest nursing home companies in terms of total employees are Encompass Health Corporation (NYSE:EHC) and The Ensign Group, Inc. (NASDAQ:ENSG). Among these, Encompass is busy expanding its operational footprint in America as it opened its 158th hospital in Maryland earlier this year while Ensign's first quarter of 2023 earnings saw the firm raise its fiscal year guidance. Seems like Wall Street is also bullish on older people in America, as the shares of both companies are rated a Strong Buy on average.
With these details in mind, let's take a look at some countries with the oldest people in the world. Don't forget to check out our article about the 30 Countries with the Youngest People in the World.
We used data from the United Nations Department of Economic and Social Affairs through the 2022 Revision of World Population Prospects report to make our list of the countries with the oldest people. The countries with the highest number of people aged 60 or above are listed as those with the oldest people in the world. The median global age is 30, so those 60 or above are quite literally the oldest people in the world.
30 Countries with the Oldest People in the World
30. Commonwealth of Australia
Number of People Aged 60 or Above: 5.7 million
Australia is an Oceanic country that is the sixth biggest in the world in terms of landmass but ranks low in terms of its population.
29. Federal Democratic Republic of Ethiopia
Number of People Aged 60 or Above: 5.8 million
Ethiopia is a landlocked Eastern European nation. 116 million people live in Ethiopia, leading to a small percentage of its population being older people.
28. Republic of Colombia
Number of People Aged 60 or Above: 6.7 million
The Republic of Colombia is a North and South American country. It is the 25th largest country in the world in terms of area and has a population of 4.9 million.
27. Argentine Republic
Number of People Aged 60 or Above: 7.3 million
Argentina is one of the largest countries in South America with a $641 billion economy and a GDP per capita of $13,709.
26. Arab Republic of Egypt
Number of People Aged 60 or Above: 8.3 million
Egypt is an African and Asian country that is best known for its historic pyramids. Its population sits at 109 million, with a large portion of people aged 24 or younger.
25. Republic of the Philippines
Number of People Aged 60 or Above: 9.6 million
The Philippines is a geographically remarkable country that is made of thousands of different islands. It has a $440 billion economy.
24. Canada
Number of People Aged 60 or Above: 9.7 million
Canada is a North American country that is one of the few developed regions in the world and one that is also rich in natural resources.
23. Republic of Poland
Number of People Aged 60 or Above: 9.9 million
Poland is a Central European country with a diversified economy that is worth $748 billion. Roughly 38 million people live within its borders and the population has dropped recently.
22. Islamic Republic of Iran
Number of People Aged 60 or Above: 9.92 million
The Islamic Republic of Iran is an Asian country. It has an 87 million population which is the 17th largest in the world.
21. Federal Republic of Nigeria
Number of People Aged 60 or Above: 10.1 million
Nigeria is a West African nation with a $574 million economy.
20. Republic of Türkiye
Number of People Aged 60 or Above: 10.4 million
Turkey is a European and Asian country known for its vibrant culture and great food. It also has a sizeable $1 trillion economy.
19. Ukraine
Number of People Aged 60 or Above: 10.6 million
Ukraine is one of the largest countries in Europe in terms of area. However, nearly one third of its population is made of older people.
18. Kingdom of Spain
Number of People Aged 60 or Above: 12.5 million
Spain is a developed country and a former colonial power. Out of its 48 million residents, nearly 25% are aged 60 or above.
17. Republic of Korea
Number of People Aged 60 or Above: 12.6 million
South Korea is a prosperous East Asian nation that is also one of the most technologically advanced in the world. It has a large $1.7 trillion economy and a high GDP per capita of $33,393.
16. Socialist Republic of Vietnam
Number of People Aged 60 or Above: 13.1 million
Vietnam is a Southeast Asian country with a population of 99 million people. It has a diversified economy that relies on exporting manufactured goods.
15. United Mexican States
Number of People Aged 60 or Above: 15 million
Mexico is a North American country that enjoys a close trading relationship with America - the world's largest economy in nominal terms.
14. Kingdom of Thailand
Number of People Aged 60 or Above: 15.1 million
Thailand is a Southeast Asian country. It has a population of roughly 69 million and a GDP of $574 billion. However, the GDP per capita of $8,181 is quite high when compared to some other Asian nations.
13. People's Republic of Bangladesh
Number of People Aged 60 or Above: 15.2 million
While Bangladesh ranks seven on the list of youngest countries in the world, it slips down when it comes to older people.
12. Islamic Republic of Pakistan
Number of People Aged 60 or Above: 15.4 million
Like Bangladesh, Pakistan also has more younger people than older people. It's also quite populous, with a massive population of 249 million.
11. United Kingdom of Great Britain and Northern Island
Number of People Aged 60 or Above: 16.7 million
The U.K. is a prosperous country with great healthcare standards that leads to longer lives and more older people.
10. French Republic
Number of People Aged 60 or Above: 17.7. million
France is a global power and a developed country. It has a massive economy of $3 trillion.
9. Italian Republic
Number of People Aged 60 or Above: 18 million
Italy is a prosperous European country known for its great art, food, and wine.
8. Federal Republic of Germany
Number of People Aged 60 or Above: 24 million
While Germany ranks low on the list of countries with young people, it's in the top ten when it comes to older people.
7. Republic of Indonesia
Number of People Aged 60 or Above: 29.2 million
Indonesia has a large $1.2 trillion economy and an even larger 277 million population. There are just 29 million older people in the country, compared to the 113 million aged 24 or below.
6. Federative Republic of Brazil
Number of People Aged 60 or Above: 30.4 million
Brazil is the largest country in South America both in terms of its economy and area.
