Key Takeaways

• The number of people over 60 is set to increase by over 50% by 2030.
• In the UAE, senior citizens often continue working or even start businesses. 
• The UAE aims to use the silver economy demographic to drive growth in healthcare, real estate, and financial services.

By 2050, one in six people globally will be over 65, while the number of people over 60 is set to rise by over 50% less than seven years from now; these figures present the economic potential of this growing group. 

The silver economy or the economy focused on older generations, is set for significant growth between 2023 and 2031. With a projected Compound Annual Growth Rate (CAGR) of 10.59%, the market value is expected to reach $34.4 billion by 2031. The European Commission, for example, predicts that the silver economy will create 88 million jobs by 2025, an example the UAE can use as a model.

The silver economy—driven by spending power—presents a new demographic of property buyers and economic contributors and a unique opportunity to promote inclusive growth.

Social and Economic Inclusion for Senior Citizens

The silver economy ensures that older adults continue to play an active role in the workforce and society. In the UAE, seniors often seek to continue working or even start businesses. 

H.E. Hessa bint Essa Buhumaid, Director General of the Community Development Authority in Dubai, affirmed the UAE’s commitment to supporting its elderly population through thoughtfully-planned legislation and initiatives. 

“The ‘Silver Economy’ encompasses products and services catering to seniors, which has the potential to boost economic activity significantly,” she added.

• Healthcare 

The country’s healthcare sector, already known for its advanced facilities, can expand by focusing more on elderly care since the demand is set to rise. This includes investments in telemedicine, AI-powered health monitoring systems, and age-appropriate healthcare services. 

• Real Estate

The UAE’s retirement visa program drives investment from seniors. Expatriates over 55 who meet specific financial criteria are more likely to invest in property, creating demand for age-friendly housing with features like wheelchair accessibility and safety technologies. 

• Financial Services

Financial services in the UAE are gradually fitting to benefit from the silver economy. The local financial sector can capitalise on the opportunity by offering tailored products such as retirement savings plans, wealth management services, and investment options designed for older adults. 

Regarding infrastructure, the UAE is updating public spaces and transportation systems to serve older adults better. By adopting universal design principles, the country can create more age-friendly environments that are more inclusive, safer, and convenient for seniors.

Flexible working environments would keep seniors active in the workforce. By offering part-time or remote work opportunities, businesses would enable seniors to remain involved and contribute their practical expertise to the economy.

The UAE government is making efforts to promote the silver economy. Programs like the National Strategy for Senior Citizens and the retirement visa ensure seniors can stay engaged and active in the economy. 

The Silver Economy Is Still Young

The UAE can use this demographic to grow healthcare, financial services, and many other industries. As the population ages, the UAE aims to lead the way in building an inclusive and resilient economy that values the contributions of its seniors. 

The silver economy will be a win-win for senior citizens and the wider community. For senior citizens, it offers the chance to maintain or improve their quality of life. For the UAE’s economy, it means putting accumulated wealth to work, creating more value for everyone.