The Milken Institute, which releases an annual list of the best cities for successful aging, has compiled a report that captures the opportunity an aging population presents for business, economic growth and society at-large.

Based on the 2017 Summit on Business and the Future of Aging in Los Angeles, the report includes commentary from the summit’s participants, as well as data and insights from multiple sources and identifies opportunities, innovations, human capital strategies, and forward-looking policies and practices to realize the upside of aging.

It offers thoughtful, fact-filled assessments of the growing economic power of older adults, the underutilized resource of mature workers, advances that can dramatically extend lifespan, health and productivity, and a call to action.

Some of the key insights include the following:

• By the end of this decade, annual consumer spending by age 60-and-over adults globally will reach $15 trillion (Bank of America Merrill Lynch)
• Americans over 50 account for $7.6 trillion in direct spending and related economic activity (Oxford Economics/AARP)
• Older adults in the U.S. dominate 119 out of 123 consumer packaged-goods categories (Bank of America Merrill Lynch)
• The proportion of people in the working-age population worldwide who are 50 or older will grow from 20 percent in 2010 to 30 percent by 2050. (The Boston Consulting Group)
• Older workers in the U.S. have similar or lower injury and illness rates than younger counterparts (CDC)
• Fewer than half of companies worldwide factor longevity into their strategic planning (The Economist)

In “The Business of Aging” essay series, prominent thought leaders – many of which make contributions to the report – discuss solutions for longevity in conjunction with innovation, finance, and health.