Silver tsunami

The age dependency ratio—those 65+ compared to the working-age population—is climbing steadily across most major economies. In the EU, it has surged from 20% in 1980 to nearly 35% today, while high-income countries follow closely behind. The US shows a similar trajectory, and China’s curve steepens sharply after 2000. India remains an outlier, with ratios still below 15%. This demographic shift, often dubbed the “Silver Tsunami,” is impacting various sectors, but one in particular: retirement housing. Demand for retirement housing and healthcare facilities is accelerating. Listed real estate companies focusing on elderly care saw a drop in occupancy during the pandemic but have fully recovered and are reporting record high occupancy. In particular, the over-80 cohort is growing rapidly. Meanwhile, many people in the older age cohorts have built up equity through home ownership or other investments, which have appreciated significantly. This enables them to afford upscale retirement housing.

Source: World Bank, 2025.