This paper analyzes the relation between demographic structure and real asset returns on treasury bills, bonds, stocks and real estate for the G7-countries (United States, Canada, Japan, Italy, France, the United Kingdom and Germany). Based on a macroeconomic multifactor model, a variety of different demographic factors is examined in the time period 1951 to 2002. In these models, no robust relationship between shocks in demographic variables and asset returns can be found, which suggests, that Asset Meltdown is more fiction than fact. Full paper available at