For the first time ever, there are more people over 65 than children under 5. It happened in 2023 and nobody noticed until the Census Bureau report came out this week. 71% of the world now lives in countries with fertility below replacement. 10 years ago that was 45%. China and India are both below replacement. So are Bangladesh, Mexico and Vietnam. The 65+ population goes from 852 million today to 2 billion by 2060. That’s 55% of all net population growth on earth being people over 65. South Korea goes from 20.3% over 65 to 41%. Median age there hits 59. Every pension system, every housing market, every consumer forecast was built assuming the pyramid stays a pyramid. It just flipped and it isn’t flipping back.