Citi Global Wealth UNSToPPABLe TreNDS | | 78 Investments The world’s population is FiGUre 1. GrAYiNG oF THe worLD undergoing profound change POPULATION % AGED OVER 65 YEARS  2022  2030  2050 Not only are there more people on Earth than at any time previously, but their average age is 30 now older than ever before. This pattern is set to intensify. By 2050, more than a quarter of citizens in certain global regions may be over 65 – FIGURE 1. This change is the result of life 25 expectancy and fertility patterns established over many generations, which would take at least as long to reverse. At Citi Global Wealth Investments, we thus regard aging populations 20 as an unstoppable trend. At the same time, the world’s middle class is on the rise. This phenomenon is largely driven by 15 Asia, where economic development and rising incomes are enabling hundreds of millions of people to live and consume in ways they never have before. In mid-2017, the emerging world’s 10 middle class was around 3.3 billion people – a 1 number that may hit 5 billion by 2027. These two major shifts have far-reaching implications for societies, industries and 5 investors everywhere. Among the consequences we expect is growing demand for healthcare. As people get older, the 0 amount of spending required on their healthcare Global Europe & North America E & SE Asia increases. And with rising incomes and wealth comes the tendency to spend more on staying Source: World Population Prospects 2022: Summary of Results by Department of Economic and Social Affairs. © United Nations 2022. Reprinted well and getting better from illnesses. with the permission of the United Nations. Chart shows the rising percentage of the population aged over 65 globally, in Europe & North America and East & Southeast Asia in 2022, 2030 and 2050. 1 Haver, as of 27 Oct 2022