Singapore ranked third in the first Ageing Asia Silver Economy Index - a ranking of 15 countries in Asia Pacific by market potential of ageing baby boomers. Hong Kong took top position, followed by Australia.

Factors such as per capita household savings and life expectancy also contributed to calculating the index. The index is part of the Asia Pacific Silver Economy Business Opportunities Report 2013, produced by business consultancy Ageing Asia.

Acting Minister for Social and Family Development, Mr Chan Chun Sing, who was guest of honour at the event, said many use the term "silver tsunami", as if an ageing population is a crisis. "But it's not a crisis if we prepare well," he said. Not all social services need to be provided by the Government, he added that Singapore should leverage on the strengths of the "respective private and people sectors".

The report was launched at the fourth edition of the Ageing Asia Investment Forum on Tuesday morning. The forum was attended by over 300 delegates from 17 countries and will end on Wednesday.