TD has acquired Cowen Inc. Please bookmark TD Securities for further updates.

Demographic Shifts

An overhead view of a large group of people crossing large intersections in a city setting.

Shifts in global demographics is an investment theme with deep, cross-sector implications and geopolitical, economic, and financial impact. In particular, decades-long trends in fertility and mortality have resulted in aging populations. China’s population is currently forecast to shrink 46% by 2100, which poses a challenge to its position as the world’s largest manufacturing economy. Simultaneously, in the United States, the largest generational wealth transfer in modern history is underway, benefiting Millennials and Gen Z.

What we’re watching 

  • Aging populations

  • Fiscal impact 

  • Generational wealth transfer 

Themes 2024 Handbook

Browse Cowen’s Themes 2024 Handbook.

Download Handbook

2022 % Global Population Aged 65+


2100 Projected % Global Population Aged 65+