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.

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This is how the now famous Hong Kong Harbour looked like 40 years ago.

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A view of the wooden shacks on the coast.

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Hong Kong is famous for having some of the most beautiful skyscrapers, but the skyline was very different in 1972.

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And so was the streetlife.

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Neon signs dotted the main streets of the city.

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Rickshaws, not supercars, were one of the main modes of transportation 40 years ago.

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A view of a streetlife in 1972.

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Fashion was a big thing even back then.

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And so were cafes.

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Men in suits was a common sight.

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Women wore more traditional dresses.

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Rickshaws were a familiar sight on Hong Kong streets 40 years ago.

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Participation of women in the workforce was increasing in the city.

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The city's now famous infrastructure was slowly taking shape.

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Boats were another favourite mode of transport of commuters.

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The city had a swinging nightlife life in 1970s.

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But not all areas were that swinging.

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Women were keeping pace with the changing times.

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The men too kept pace with the changing fashion.

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But some men chose to be different.

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A view of an overloaded bicycle at the harbour.

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Some lived and worked on their boats.

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A view of Pokfulam area 40 years ago.

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A view of Queen's Road Central in 1972.

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While the streets now have some of the swankiest apartments, the look was very different back then.

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A view of the Hollywood Road.

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Clotheslines running across the streets were a common sight.

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A view of Morrison Street in 1972.

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A view of a poor neighbourhood.