The world is unhappier with democracy than ever, new research has claimed.

In a report published Wednesday, researchers from Cambridge University analyzed the political sentiment of more than 4 million people, using data from survey projects that covered 154 countries between 1995 and 2020.

The proportion of people who said they were dissatisfied with democracy over the last year hit 57.5%, according to the report, with researchers saying 2019 marked "the highest level of democratic discontent" on record.

Authors noted that over the last 25 years, the number of individuals dissatisfied with democratic politics around the world rose from a third to more than half.

Shifts in satisfaction levels were often a response to "objective circumstances and events" such as economic shocks and corruption scandals, the report said.

Following the financial crisis in 2008, for example, global dissatisfaction with the functioning of democracy jumped by around 6.5%.

Many large democracies, including the U.S., Australia, U.K. and Brazil, were now at their highest-ever level of dissatisfaction with democracy.

According to the report, the U.S. in particular had seen a "dramatic and unexpected" decline in satisfaction with democracy.

When the surveys began in 1995, more than 75% of U.S. citizens were satisfied with American democracy. The first big knock came with the financial crisis, the report showed, and satisfaction has continued to deteriorate year-on-year ever since.

Fewer than 50% of Americans are now content with democracy in their country, marking the first time on record that a majority of U.S. citizens were dissatisfied with their system of government.

"Such levels of democratic dissatisfaction would not be unusual elsewhere," the report said. "But for the United States, it marks an 'end of exceptionalism' — a profound shift in America's view of itself, and therefore, of its place in the world."

However, researchers noted that they had found an "island of contentment" in Europe, where satisfaction with democracy had reached all-time highs. Denmark, Switzerland and Norway were among the countries that fell into that category.

Southeast Asia was also described as a regional "bright spot."