This paper is a thematic piece looking at the long term impact of demographic change. While the short term implications are perhaps marginal current trends suggest the world will be a very different place in a generation with significant implications for Western growth and geopolitical stability. For example wider Europe's share of global population has fallen from 21.7% in 1950 to 9.9% today. The decline is embedded. By contrast Africa's population has increased six fold since 1950, with a current average age of 19. Its 1950 8.1% share is 16.4% today and projected to be 25% by 2050. Clearly this creates long term opportunity and challenges. Please contact us for a copy of the note.