Advancements in wearable technology are enabling longer, healthier, and more meaningful lives, marking the onset of a global “longevity revolution.” This shift presents significant economic opportunities and societal transformations, with challenges in making additional years productive. For Saudi Arabia, this offers a chance to build a resilient generation capable of driving economic and social progress.
Population aging is an irreversible trend that necessitates a reevaluation of workforce productivity, healthcare, and social systems. Improved living conditions and medical advancements are reshaping economies, calling for strategic actions. Countries need to harness aging populations as engines of economic growth, especially with declining fertility rates altering demographics.
Currently, 10% of the global population is aged 65 or older, a figure expected to double by 2050. The number of those aged 80 and above is increasing rapidly. Fertility rates have dropped significantly, contributing to lower population growth, while life expectancy has risen, demanding a shift in economic models away from traditional population-driven growth.
By the late 2070s, the global population aged 65 and older is expected to reach 2.2 billion, surpassing those under 18. This requires economic strategies that prioritize inclusive growth and utilize technology to boost productivity across all ages. Countries must support multigenerational workforces and adapt policies to extend working lives, ensuring sustainability and resilience.
Saudi Arabia, with a population expected to grow from 32 million to over 47 million by 2050, is well-positioned to benefit from aging demographics. The Kingdom aims to shape its longevity economy through strategic investments and policies, preparing for a future with a larger older adult population.
Life expectancy in Saudi Arabia has risen significantly, and Vision 2030 targets further improvements. The Kingdom’s fertility rate is slightly below the global average, reflecting a broader trend of declining rates contributing to an aging population. The Kingdom’s healthcare investments and initiatives are crucial in addressing these demographic changes.
The Kingdom is poised to play a pivotal role in shaping its longevity economy through strategic investments.
Saudi Arabia has increased the retirement age to 65, keeping experienced professionals in the workforce longer. This policy not only addresses economic implications but also capitalizes on the expertise of older citizens. The Kingdom’s approach fosters a culture where longevity boosts economic growth and social development.
The focus is on living healthier, more productive lives, contributing to the economy while allowing individuals to realize their potential. By embracing active aging, Saudi Arabia taps into the wisdom of its older population, creating opportunities for growth and innovation.
The longevity economy is about economic transformation, leveraging extended productive years for growth in sectors like biotechnology and healthcare. It is projected to contribute significantly to global economic opportunities. Saudi Arabia’s investments in these areas position it as a leader in adapting to demographic shifts.
The Hevolution Foundation plays a key role in this landscape, supporting research in aging and biotechnology. This minimizes age-related diseases and reduces healthcare burdens, creating new economic opportunities. Investments in healthy aging sectors drive innovation and enhance social perceptions of aging, combating ageism and fostering inclusivity.
Beyond healthcare, Saudi Arabia invests in education technology and lifelong learning programs, empowering citizens to thrive in evolving industries. Reskilling older adults ensures their active workforce participation, fostering a dynamic economy. Initiatives promoting inclusivity and social connection highlight a vision of purpose-driven living.
The World Economic Forum’s principles for a longevity economy align with Saudi Arabia’s approach, emphasizing financial stability, education access, healthy aging, and social connection. By adopting these strategies, Saudi Arabia addresses its aging population’s needs and positions itself as a model for innovation.
At this transformative juncture, Saudi Arabia is poised to lead the global longevity economy. Through initiatives like the Hevolution Foundation and strategic investments, the Kingdom is redefining aging in the 21st century. Embracing the challenges of an aging population, Saudi Arabia aims for sustainable growth, enhanced citizen well-being, and sets a precedent for other nations.