Area type
London Borough
Population
10,938
GDP
£71 billion
Average salary
£94,333
Labour force
7,528
Job Density
102.32
View trend
View breakdown
City of London's economy ranks among the most prosperous in England.
The Gross Domestic Product (GDP) in City of London was worth an estimated £71 billion in 2019, according to figures published by the ONS. City of London's GDP growth between 2018 and 2019 was 3.2% per year. Compare GDP by area.
The Financial & insurance industry is the largest in City of London based on the number of jobs, accounting for 35.2% of roles in the area.
2019 ONS figures suggest that there are 674,000 jobs in City of London, which has a working-age (aged 16-65) population of 7,528. The 2019 job density in City of London is 89.53, meaning there are 89.53 jobs per member of the City of London working-age population.
City of London had a mean average salary for full-time employees of £94,333 in 2021.
The 2019 labour force or working-age population in City of London is 7,528 or 68.8% of the total population.
In 2021, 100.0% of the labour market was recorded as employed, above the 94.8% average rate for England. Of those employed, 0.0% are self-employed, and 100.0% are employees.
City of London's working-age population ranks among the most educated in England.
The Annual Population Survey for 2020 published by the ONS reports the percentage of the City of London working-age (aged 16-64) population who have a degree or higher is 100.0%, which is above the 42.8% degree qualification rate for England.
Over 100% of the City of London working-age population have at least 2 A-levels (or equivalent), and 0% have no qualifications.
Qualifications classifications
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Main page: City of London Salary
The average salary in City of London as of 2021 is £94,333. Between 2020 and 2021, average salaries grew by £1,535. Compare average salaries by area.
City of London's salary growth rate is 1.65% per year based on changes in average salary between 2020 and 2021, which is 1.65% higher than the average salary growth rate in City of London over the past 9 years.
Business data published by the ONS in 2020 show the most common job group in City of London is Business, Media And Public Service Professionals, accounting for 100% of all roles in the area. In England as a whole, the largest job group is Business & Public Service Assoc. Professionals.
The fastest-growing type of job in City of London is Business, Media And Public Service Professionals, with roles increasing between July 2020 and July 2021. In England, the fastest-growing type of role is Corporate Managers And Directors.
Occupation | Number | Percentage | CHANGE |
|---|---|---|---|
| Business, Media And Public Service Professionals | 500 | 100.0% | |
| Corporate Managers And Directors | 0 | 0.0% | |
| Other Managers And Proprietors | 0 | 0.0% | |
| Science, Research, Engineering And Technology Profs | 0 | 0.0% | |
| Health Professionals | 0 | 0.0% |
There was a 2% increase in roles between 2019 and 2020. In England as a whole, there was a 2% decrease.
Based on the total number of jobs, the largest industry in City of London is Financial & insurance. Other major industries include Information & Communication, Professional, Scientific & Technical, Business Administration & Support, which represents over 10% of roles in City of London.
Financial & Insurance companies make up 35% of the City of London economy that's higher than the average for England as a whole (~3%).
10% of the total jobs in City of London are in Information and Communication, one of the key sectors for the future, above the 5% of jobs in England as a whole.
Industry | Number | Percentage |
|---|---|---|
| Financial & Insurance | 194,000 | 35.2% |
| Professional, Scientific & Technical | 132,000 | 24.0% |
| Business Administration & Support | 70,000 | 12.7% |
| Information & Communication | 56,000 | 10.2% |
| Accommodation & Food Services | 19,000 | 3.5% |
The fastest-growing industry in City of London is Mining, Quarrying & Utilities, with jobs in the sector increasing 40% between 2019 and 2020 from 2,500 to 3,500. In England more broadly the fastest-growing industry is Healthcare.
The industry with the biggest decline in City of London between 2019 and 2020 was Motor trades, which saw an 33% decrease in roles, going from 150 to 100. In England more broadly the industry with the biggest year on year decline was Arts, entertainment & recreation, with roles decreasing by 8%.
The Information and communication industry includes many of the top companies of the future. In City of London, the number of roles in this sector has fallen by 2% over the past year, below the 1% annual increase seen in England.
City of London Demographics
City of London Crime
Rental Market of City of London
2021 UK Business Count data published by the ONS show there are 310 large businesses in City of London, making up 1.4% of total businesses - in England, 0.4% of businesses are large. A large business is defined as having over 250 employees.
There are 950 medium-sized businesses based in City of London, making up 4.3% of total businesses - in England, 1.5% of businesses are medium-sized. A medium-sized business is defined as having between 50 and 249 employees.
There are 3,195 small businesses based in City of London, making up 14.3% of total businesses - in England, 8.3% of businesses are small. A small business is defined as having between 10 and 49 employees.
Source: Office for National Statistics licensed under the Open Government Licence v.3.0. Contains OS data © Crown copyright and database right 2021. Data sources: ONS Local statistics