Abstract: An improved paint composition comprises an aqueous dispersion of a water insoluble addition polymer formed substantially of monomers selected from the class consisting of styrene, acrylates, methacrylates, vinyl esters, and vinyl chloride; at least one anionic or non-ionic emulsifier; at least one polyoxyethylene-chain-containing compound with between 60 and 400 oxyethylene units; and a minor amount of at least one alkali-soluble addition polymer. The emulsifier may itself be a polyoxyethylene-chain-containing compound. The unsaturated monomers comprising the water insoluble addition polymer include at least one monomer containing a phosphoric acid, sulphonic acid, or carboxylic acid group or a group functioning as an emulsifier.