Capital Markets Winter 2021

II

Evolving Demographics Enduring Themes

• A burgeoning middle class will considerably impact spending patterns such as meat consumption and automobile ownership

• An aging population has important economic implications such as increased health care spending

I

II

The Asian Middle Class Is Expected to Grow

The World Expected to Be Older in 2100

1950 2100

2015 2020 2025 2030

4

III

48

47

46

3

30

29

2

IV

22

Median Age

1

V

0

Asia-Pacific Billions of Middle Class People

North America Europe

Asia

Europe

North America

VI

Source: Median age from United Nations Department of Economic and Social Affairs and middle class estimates from Brookings Institution. A middle-class family has an approximate income of $16,000 to $160,000 in purchasing power parity terms.

18