In Germany, for example, where 20% of the population is older than 65, the number of working-age adults will shrink from about 50 million today to as few as 34 million by 2060. Among emerging markets, rapidly rising life expectancy and plunging fertility are likely to double the share of China’s over-60 population by 2050 – adding roughly a half-billion people who require support in their unproductive years.
股市过热恰逢人口趋势不利于退休基金。比如，在德国，20%的人口年龄超过65岁，工作年龄成年人将从今天的5,000万左右下降到2060年的3,400万。而在你新兴市场，预期寿命的快速增长和生育率的下降可能让中国60岁以上人口比例在2050年翻一番——这意味着五亿不事生产的退休者需要支持。