More people in wealthy Hong Kong are unhappy with life despite the city’s booming economy, a survey published on Wednesday found.

The ratio of people who said they were satisfied with life has fallen from 84 per cent in the summer of 2008 to 69 per cent at the end of 2010, researchers discovered. The falling levels of satisfaction come despite an economic boom which has seen property prices soar, stocks double in value and unemployment fall to its lowest level in years.

Michael DeGolyer of the Hong Kong Transition Project, which conducted the survey, said the high price of housing and poor air quality was among the factors making people less happy.

Hong Kong, a densely populated city of 7 million, has seen dramatically worsening air pollution in recent years caused partly by smog blowing over the border from factories in southern China.

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