Innovation for Hong Kong's Upward Social Mobility

36 4.3.3 From 1850 to 2015, the most significant change during the 165 years included decline in the importance of agriculture, manufacturing and mining although other industries grew during the same period (Figure 4.6). History shows that the labor market will adapt to changes in labor demand brought about by disruptive technological progress. According to McKinsey, by 2030, 8-9% of labor demand will be from occupations that have never existed before. Figure 4.6 Evolution of the Employment Structure in the United States (1850-2015) 83 4.3.4 Human life expectancy increases by 2 years every 10 years, while company life expectancy is rapidly decreasing. In the 1920s, Fortune 500 companies had a lifespan of 60 years, but now this is only 10 years. In the next 10 years, 40% of Fortune 500 companies will no longer exist. 83 Source: 1850 1900 1950 2000 2015 Trade (retail and wholesale) Construction Transportation Agricuture Manufacturing Mining Household Work Professional Services Utilities Business + Repair Service Telecommunications Healthcare Entertainment Education Government Financial Services 10% 20% 30% 40% 50% 60% 70% 80% 90% Visualizing 150 years of U.S. Employment History How sector shares of jobs have changed over time 4 Youthquake and Quarter-Life Crisis