1、CORPORATE&INVESTMENT BANKING/INVESTMENT SOLUTIONS&INSURANCE/SPECIALIZED FINANCIAL SERVICES SILVER ECONOMY:AN OPPORTUNITY FOR FRANCE 10 October 2016 As the global population ages,the economic activities aimed at the over-50s,i.e.the“Silver Economy”,will account for a third of growth in the planets ma

2、in economies over the next thirty years.The Silver Economy now represents around$8.9tn a year virtually making it the worlds third-biggest economy.Indeed,the over-50s are the biggest consumers by age bracket.Four sectors are set to benefit most from the development of the Silver Economy:healthcare i

3、n its broadest sense,the financial sector,particularly insurers,tourism,and technology with the significant development of“gerontechnology”.France has assets to play in these four sectors.Among the 20 French companies analysed,we recommend Orpea,AXA,BNP Paribas,Pierre&Vacances,ELIS,Sodexo,Gemalto,ST

4、M and Somfy.The over-50s,moreover,have substantial financial assets,the returns and duration of which will need to be adapted as their life expectancy increases.As a consequence,they therefore continue to invest in long-term and risky assets,thus boosting their CROSS-EXPERTISE RESEARCH 10 October 20

5、16 3 Content Investment summary.4 1.Global population ageing is an opportunity.6 The age structure of the world population is changing.7 What fundamental economic changes?.9 The opportunities of the Silver Economy.14 2.How can the French economy benefit from global population ageing?.17 France:Gradu

6、al ageing but modest on a global scale.17 What advantages can we expect from global ageing for the French economy?.18 3.Does population ageing require a specific asset allocation?.23 Does the demographic structure have an effect on equity valuations?.23 Does population ageing change the structure of