Hong Kong’s Silver Economy Targets HK$500 Billion
Hong Kong is targeting a HK$500 billion silver economy by 2034, backed by 30 government measures, promoting elderly care, technology, and investment. (Photo Courtesy of Alison Pang on Unsplash)
Hong Kong is positioning its ageing population as a major economic opportunity, with spending by residents aged 60 and above projected to rise 47% from around HK$340 billion in 2024 to nearly HK$500 billion (US$63.8 billion) by 2034.
The city has already entered a “super-aged society,” with nearly one-quarter of its population aged 65 or above. The government is now seeking to develop a broader silver economy covering elderly care, healthcare, technology, housing, wellness, consumer products, and financial services.
Government Aligns Silver Economy With National Strategy
A major policy step came on May 13, 2026, when Hong Kong’s Legislative Council passed a motion on “Promoting the development of Hong Kong’s silver economy to align with national strategies.” The initiative aligns the city’s ageing policies with China’s 15th Five-Year Plan.
The policy drive is being coordinated through two government-led groups: the Working Group on Promoting Silver Economy, established under the 2024 Policy Address, and the Working Group on Ageing Society Strategies, established under the 2025 Policy Address and involving 15 policy bureaux.
Together, the government has deployed 30 measures across five major areas: boosting silver consumption, developing the silver industry and gerontechnology, improving product quality, expanding cross-boundary elderly care, and strengthening financial security and silver productivity.
The first priority is to stimulate silver consumption. The government is incorporating silver-economy elements into major events including the Hong Kong Shopping Festival, Food Expo and Gerontech and Innovation Expo. It is also encouraging senior-friendly food products, particularly pre-packaged soft meals for older adults with swallowing difficulties, while expanding e-commerce channels for senior-oriented products.
The second is to build the silver industry through technology. More than 140 gerontechnology companies operating at Hong Kong Science and Technology Parks Corporation and Cyberport employ over 900 people and have raised more than HK$300 million in funding. In March 2025, the Social Welfare Department expanded the Innovation and Technology Fund for Application in Elderly and Rehabilitation Care to subsidise gerontech products for household use.
The government is also promoting quality assurance. Initiatives include the Hong Kong Q-Mark Silver Scheme and the HKQAA Silver-friendly Series, which has received more than 150 project applications. Care-food guidelines have also been incorporated into the Greater Bay Area standards framework, creating opportunities for companies developing senior nutrition and easy-to-eat products.
Cross-Border Care Creates a Larger Market
Cross-boundary elderly care is another key pillar. The Residential Care Services Scheme in Guangdong is being expanded to 29 residential care homes covering all nine mainland GBA cities. As of May 2026, 1,271 Hong Kong seniors had benefited from the scheme.
A pilot medical subsidy arrangement further supports participating seniors, providing up to RMB10,000 annually for outpatient expenses and RMB30,000 for inpatient expenses.
For industry players, the GBA strategy could create demand for care referrals, health-information sharing, medical services and cross-border support systems. It could also allow Hong Kong companies to test and develop elderly-care models for wider regional markets.
Opportunities for Care and Technology Investors
Traditional residential care remains an important market. Major nonprofit operators include Tung Wah Group of Hospitals, Po Leung Kuk, Caritas Hong Kong and Yan Chai Hospital, while commercial operators such as Pine Care Group, Kato (Hong Kong) Holdings, Culture Homes, Humansa and Ventria Residence serve different segments.
However, government policy suggests that future growth will extend beyond care-home capacity. AI-enabled monitoring, robotics, fall detection, rehabilitation technologies, smart-home solutions, home-based care, senior-friendly food, mobility equipment and retirement financial products are emerging as key opportunity areas.
For international investors and solution providers, Hong Kong offers a combination of strong ageing-related demand, government-supported technology adoption and access to the Greater Bay Area. The HK$500 billion projection therefore represents more than a demographic statistic: it signals the potential scale of an increasingly integrated market for products and services designed around longer, healthier, and more independent ageing.
Source: South China Morning Post, Legislative Council, HKEX news
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