Four-fifths of the world’s elderly population will live in emerging markets by 2050, upending the view that ageing is primarily an issue for developed countries.

China alone will see the number of over-60s jump from 209m (15 per cent of the population) today to 492m (36 per cent) by the middle of the century, according to estimates from Bank of America Merrill Lynch. Public finances in countries ranging from Brazil to Turkey are also likely to be put under strain by a surge in retirees.

“We are living in the midst of the most remarkable demographic transition in history with life expectancy [likely] to reach 77.1 by 2050, versus 48 in 1950, the global 60-plus population [expected] to grow to 2.1bn by 2050, versus 901m today, and life expectancy increasing by one year every five years,” the bank says in a report entitled The Silver Economy — Global Ageing Primer.