Analysts at UBS point out that there is no “right” level of pension assets per person or as a proportion of GDP. However, countries with the highest projected ratios of old people to workers ought to have the best funding. This is not always so. In the Netherlands, where the ratio of over-65s to workers will be 34% by 2025, pension assets are worth 140% of GDP, or $58,000 per person. Japan looks much less well prepared: its dependency ratio is expected to be 50% by 2025, but it has pension assets of just 63% of GDP, or $22,000 per person. India and China have unsurprisingly low pension assets but seem set for strong economic growth; and India, in particular, has a low projected dependency ratio.