Photographs: Bobby Yip/Reuters
Hong Kong is one of the world's leading international financial centres and has a major capitalist service economy characterised by low taxation and free trade, and the currency, Hong Kong dollar, is the eighth most traded currency in the world.
The lack of space caused demand for denser constructions, which developed the city to a centre for modern architecture and the world's most vertical city.
Hong Kong has one of the highest per capita income in the world. The dense space also led to a highly developed transportation network with public transport travelling rate exceeding 90 per cent, the highest in the world.
But it wasn't like that always. Let's take a look at how life was 40 years ago, thanks to photographer Nick DeWolf, who captured the daily life in Hong Kong during a trip to Asia in 1972.
Click NEXT to see the daily life in Hong Kong 40 years ago...
Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
This is how the now famous Hong Kong Harbour looked like 40 years ago.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
A view of the wooden shacks on the coast.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
Hong Kong is famous for having some of the most beautiful skyscrapers, but the skyline was very different in 1972.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
And so was the streetlife.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
Neon signs dotted the main streets of the city.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
Rickshaws, not supercars, were one of the main modes of transportation 40 years ago.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
A view of a streetlife in 1972.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
Fashion was a big thing even back then.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
And so were cafes.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
Men in suits was a common sight.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
Women wore more traditional dresses.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
Rickshaws were a familiar sight on Hong Kong streets 40 years ago.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
Participation of women in the workforce was increasing in the city.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
The city's now famous infrastructure was slowly taking shape.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
Boats were another favourite mode of transport of commuters.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
The city had a swinging nightlife life in 1970s.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
But not all areas were that swinging.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
Women were keeping pace with the changing times.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
The men too kept pace with the changing fashion.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
But some men chose to be different.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
A view of an overloaded bicycle at the harbour.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
Some lived and worked on their boats.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
A view of Pokfulam area 40 years ago.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
A view of Queen's Road Central in 1972.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
While the streets now have some of the swankiest apartments, the look was very different back then.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
A view of the Hollywood Road.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
Clotheslines running across the streets were a common sight.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
A view of Morrison Street in 1972.
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Stunning images of Hong Kong 40 years ago
Photographs: Courtesy, Nick DeWolf
A view of a poor neighbourhood.
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