This paper looks at the unprecedented change in global demography whereby people are living longer while bearing fewer children thus changing the age structure of the population globally. These changes are not without significance and they affect both the developed and the developing countries in different ways. In developed countries, this is evidenced by the aging population that has become a burden in terms of economic development and especially the ability to generate revenues for the welfare of the older generations as well as containing the costs of health care for this group of people as well as the shrinking workforce. On the other hand, the developing countries are threatened with high unemployment rates among the youth and then scarcity of resources for the aging population coupled with poor human capital and persistent socio-economic risks.