At the beginning of the third millennium roughly 175 million people around the globe resided outside their country of birth. True, the number of migrants has continued to rise but the size of the migrant stock in the world's population is still largely unchanged. Africa and Asia remain emigration continents. However, according to UN estimates, Europe is likely to see a net inflow of 650,000 persons per year until 2050, and net immigration to the US is expected to be twice as high. Given the difficult demographic situation in large parts of the industrialised world, the industrial countries will strongly compete for human capital in the future. However, the problems facing social-security systems cannot be solved by managed migration alone.
Read the full analysis on the
Deutsche Bank Research website.