The costs associated with dementia will amount to more than 1% of the world’s gross domestic product this year at $604bn (£388bn), a report says.

The World Alzheimer Report says this is more than the revenue of retail giant Wal-Mart or oil firm Exxon Mobil.

The authors say dementia poses the most significant health and social crisis of the century as its global financial burden continues to escalate.

They want the World Health Organization to make dementia a world priority.

A large part of the problem is people living longer – as life expectancy goes up around the world there will be more people who will develop dementia.
‘Substantial investments’

The number of people with dementia is expected to double by 2030, and more than triple by 2050.

But experts say the costs of caring for people with dementia are likely to rise even faster than the prevalence, especially in the developing world, as more formal social care systems emerge and rising incomes lead to higher opportunity costs.

Governments must show greater leadership