Older but no wiser

Did you know that more than half the world's 7 billion people are under 30 years of age? And that 90 per cent of these youthful people live in the developing and emerging economies - in Asia, the Middle East and Africa? Our Western world is becoming older at a time when agile minds are critical. We need them to create the new business models, mindsets and skills that are key to prospering in a global economy as the locus of power shifts inexorably from West to East. A point not lost on James Wolfensohn, former chief of the World Bank, in his recent address to the Asia Society annual dinner. It will be our ability to innovate and promote entrepreneurship, not dig more holes in the ground, that will determine the quality of our ageing lives in this new world order. Innovation (particularly derived from advances in science and engineering) is critical not only for wealth creation and job growth but also to help solve the global grand challenges - in energy, food security, water supply, climate change, environmental sustainability, social unrest and of course ageing populations.