LIVE LONG AND PROSPER | Part I – The Silver Economy
Europe is aging rapidly as longer life expectancy and persistently low fertility reshape its demographic structure, challenging welfare systems, labor markets, and intergenerational solidarity. France, Germany, and Italy face this shift differently due to distinct patterns in fertility, migration, and population aging. Yet longer, healthier lives are also creating a “second adulthood” and expanding the Silver Economy, generating new economic opportunities. How these countries adapt will determine whether aging becomes a source of resilience and shared progress or a constraint on growth.
Europe is undergoing a significant demographic shift. Over the past fifty years, life expectancy has risen by about ten years, giving rise to a longer and more active second adulthood. From this transformation emerges the Silver Economy: people over 50 generate 34% of global GDP, hold nearly half of European household wealth, and account for 50% of global consumer spending—a share expected to reach 60% by 2050.
France, Germany and Italy will see a growing proportion of older adults and smaller younger cohorts. This dynamic presents challenges but also meaningful opportunities. New generations bring strong digital skills and the ability to apply artificial intelligence and robotics creatively-technologies that can enhance productivity, support public services and improve quality of life, fostering a constructive dialogue between age groups.
At the same time, the world is entering the largest wealth transfer in modern history: more than €64 trillion globally in the coming decades, with over €5 trillion concentrated in the three countries examined. These resources will influence consumption, investment and social mobility.
Understanding this landscape requires knowledge, research and institutional cooperation. For this reason, Allianz S.p.A. and the Institute for European Policymaking at Bocconi University have chosen to work together, convinced that demography is a vital lens through which to interpret Europe’s economic and social future. This book provides a clear reading of this transformation and of the opportunities created by longevity, technological innovation and the talent of new generations.
Giacomo Campora, CEO Allianz S.p.A.
