The average growth rate for the 22 largest pension markets worldwide was estimated to be 10.4 percent between 2022 and 2023, and the ten-year compound annual growth rate until 2023 was estimated to be 3.8 percent. Retirement savings in pension funds grew during the last decade and the amount of worldwide pension assets reached new heights in 2021, which can be partially explained by a higher share of working-age population investing in pension plans. Which is the largest pension market? The largest pension market worldwide is the United States, where the total pension fund assets was almost 10 times larger than in the United Kingdom, which is the second largest pension market worldwide. Despite some fluctuations during the last decade, the U.S. pension assets grew overall, and as with the worldwide pension assets, reached the highest value in 2020. Pension assets to GDP Despite its relatively small population size, the Netherlands was the fourth largest pension market worldwide, after the United States, United Kingdom, and Canada. The pension market in Netherlands was also the largest market worldwide when compared to the size of its own economy, followed by Canada, Australia, and Spain.

As of January 1, 2024, retirees in Russia received a gross pension of approximately 20,800 Russian rubles on average, or 233 U.S. dollars per month at the exchange rate as of August 15, 2024. The reform of 2019 introduced a retirement age hike to gradually increase the retirement age to 60 years for women and 65 years for men until 2028. Pensions in Russia are guaranteed by the state, like in many European countries. Pension growth in Russia The amount of retirement benefits in Russia increased by roughly 1,500 Russian rubles, or 7.6 percent, over the course of 2023. The pensions increased more significantly than prices in the country, as Russia's annual inflation rate stood at around 5.9 percent in the same year. Pensioners in Russia Despite the increase in pension amounts, there has been a decrease in the number of individuals entitled to receive pensions. As of January 1, 2024, the number of pensioners in Russia reached roughly 41.1 million, down more than five million from five years ago. That corresponded to 281 pensioners per 1,000 population. In total, approximately 22.1 million women aged 60 years and older and 8.7 million men aged 65 years and above resided in the country.

The Norway Government Pension Fund Global, also known as the Oil Fund, was established in 1990 to invest the surplus revenues of the Norwegian petroleum sector. Between 2013 and 2023, the fund's return has mostly been positive, except in 2018 and 2022, when the fund's return was -6.12 and -14.11 percent, respectively. In 2023, the fund's annual returns stood at 10 percent.

In 2023, the average total fertility rate in Taiwan ranged at around 0.87 children per woman over lifetime. This extremely low figure is not expected to increase over the coming years. Taiwan’s demographic development Taiwan was once known for its strong population growth. After the retreat of the Republican government to the island in 1949, the population grew quickly. However, during Taiwan’s rapid economic development thereafter, the fertility rate dropped substantially. This drastic change occurred in most East Asian countries as well, of which many have some of the lowest fertility rates in the world today. As a result, populations in many East Asian regions are already shrinking or are expected to do so soon.In Taiwan, population decreased in 2020 for the first time, and the declining trend is expected to accelerate in the years ahead. At the same time, life expectancy has increased considerably, and Taiwan’s population is now aging at fast pace, posing a huge challenge to the island’s social security net. Addressing challenges of an aging society Most east Asian countries could, until recently, afford generous public pensions and health care systems, but now need to adjust to their changing reality. Besides providing incentives to raise children, the Taiwanese government also tries to attract more immigrants by lowering requirements for permanent residency. As both strategies have been met with limited success, the focus remains on reforming the pension system. This is being done mainly by raising the retirement age, promoting late-age employment, increasing pension contributions, and lowering pension payments.

In 2022, about 17.3 percent of the American population was 65 years old or over; an increase from the last few years and a figure which is expected to reach 22 percent by 2050. This is a significant increase from 1950, when only eight percent of the population was 65 or over.

A rapidly aging population

In recent years, the aging population of the United States has come into focus as a cause for concern, as the nature of work and retirement is expected to change in order to keep up. If a population is expected to live longer than the generations before, the economy will have to change as well in order to fulfill the needs of the citizens. In addition, the birth rate in the U.S. has been falling over the last 20 years, meaning that there are not as many young people to replace the individuals leaving the workforce.

The future population

It’s not only the American population that is aging -- the global population is, too. By 2025, the median age of the global workforce is expected to be 39.6 years, up from 33.8 years in 1990. Additionally, it is projected that there will be over three million people worldwide aged 100 years and over by 2050.