Innovation for Hong Kong's Upward Social Mobility

29 4.1 Millennium Generation: The Growing Cornerstone 4.1.1 Millennials born between 1981 and 2000 (that is, around the age of 20 to 40) has become the largest demographic group on the planet and represents one in three people among the total populations of the world68. Given the specific social, pol itical and technical background that have accompanied this generation, and the change that may bring by this generation, the word Youthquake which stands for “a significant cultural, political or social change arising from the actions or influence of young people” has become Oxford Dictionaries’ “Word of the Year 2017”69. 4.1.2 Average Economic Value (AEV) is a measure of economic capability, which refers to the total balance value of both funds in deposits and outstanding debts held with financial institutions, expressed in U.S. dollars70. Figure 4.1 lists the survey results of selected Asian, American and European economies. Overall, relative to the AEV of the entire population across all age groups, the AEV of millennials has reached 70%, which means that they are already a valuable group. In Hong Kong, this figure is 62%, which is below the world average. In this survey, there is only one economy whose AEV of millennials has surpassed the AEV of the entire population, that is Mainland China, which has reached 118.8%. This may be due to the rapid development of the technology and innovation industries in Mainland China and the strong support of the Chinese government for innovative enterprises. 4 Youthquake and Quarter-Life Crisis 68 According to data from the US Census Bureau in January 2018. 69 Oxford Dictionary (2017), “Word of the year 2017 is ….” 70 Rocky Scopelliti (2018) Youthquake 4.0: A Whole Generation and The New Industrial Revolution, Marshall Cavendish Business