According to a report by the US Census Bureau, the global older population stood at approximately 852 million last year, accounting for 10.5% of the total population. South Korea is forecast to surpass Japan and become the world's oldest country in 2060.
The global older population stood at approximately 852 million last year, accounting for 10.5% of the total population. South Korea's share of older people is currently 20.3%, ranking 22nd worldwide, but is forecast to double to 41% by 2060, surpassing Japan to become the world's oldest country.
The global older population is overtaking the share of children aged 5 and under. The share of children aged 5 and under is expected to decline to approximately 7–8%, while older people are projected to account for approximately 19.6% of the total population in 2060, compared with 7–8% for children aged 5 and under.
The primary driver of population aging is declining birth rates, with the number of countries below replacement level continuing to increase. As of 2023, more than 71% of the world's population lived in countries with fertility rates below replacement level, and that share is expected to grow further.
In South Korea, the share of people aged 80 and over is also rising and is expected to reach 18.3% in 2060, one of the highest levels after Monaco and Japan. The median age is expected to rise from 46 last year to 59.2 in 2060, while the ratio of older people to the working-age population supporting the labor force is also expected to increase sharply.