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Housing and resident population

Statistical information on these topics can be found in our Development and population pages.

City Briefings

The City Statistics b​riefing (2MB)​ looks at the City of London's role as a global business hub for financial and related professional services. It provides facts and figures about employment and firms located within the City, as well as highlighting some recent changes to the City as a workplace. ​

Employment and business

Statistics about the economy, employment, population and the environment, are provided by The City of London Research Team.

Number of people employed in the City

The most recent Business Register and Employment Survey (2016), shows that 454,700 people are employed in the City of London. This represents 9% of Greater London's employment, and 1.5% of the UK's total employment, meaning that over 1 in 100 of the UK's workforce are employed in the City.

Source: Office for National Statistics

Area 2015 2014 2013 2012 2011
City of London
Total employment
454,700 413,500 391,200 400,800 388,600
Tower Hamlets
Total employment
277,400 260,000 254,200 240,400 237,700
Westminster
Total employment*
724,700 702,100 693,400 666,300 644,200
City of London
Financial services
164,000 161,600 147,600 159,300 155,000
Tower Hamlets
(Canary Wharf)
Financial services
72,400 67,900 72,400 72,600 74,600
Greater London
Financial services
362,100 356,100 343,600 360,000 357,900
Great Britain
Financial services
1,025,400 1,037,400 1,022,000 1,045,500 1,051,900

*Includes working owners, including sole traders and sole proprietors.

Employment projections for financial and professional services

GLA Economics forecasts that employment in London’s finance and insurance services sector will increase by 0.5% between 2015-41, amounting to an extra 54,000 workers (assuming annual output growth of 2.5% per annum in the capital). Professional services are expected to experience the largest increase in job numbers over this period, with an extra 425,000 jobs added to the workforce (1.5% rise in employment).
Employment in the City of London is forecast to reach 601,000 by 2041, up 32% from current levels.

Number of businesses in the City of London

Number of City enterprises banded by numbers of employees

Size 0-4 5-9 10-19 20-49 50-99 100-249 250+
Number of employees 12,240 2,290 1,620 925 410 260 235

Source: Office for National Statistics, UK Business; activity, size and location 2016

Number of finance and insurance businesses by area*

Area Number of enterprises
City of London 3,030
London 13,700
Great Britain 51,355
United Kingdom 52,435

*UK SIC 2007

Source: Office for National Statistics, UK Business; activity, size and location 2016

Gender breakdown of number of jobs

Gender breakdown of number of jobs in Great Britain

Area Male Female
City of London​ 244,000 152,000
Greater London​ 2,072,000 1,853,000
Great Britain​ 13,001,000 12,761,000

Note: Figures for Number of Jobs are for indicative purposes only and should not be considered an accurate estimate of employee job counts.

Source: Office for National Statistics, Annual Survey of Hours and Earnings, October 2016

Contribution of the City and of London to the UK economy

​The City of London's contribution to the UK's national income (or Gross Value Added, GVA) is estimated at £48.1bn in 2014 (3% of UK's and 13% of London's output), while London accounts for £364bn or 22.5% of the UK's GVA.

Source: GLA Economics, Regional Gross Value Added estimates for London by different regional geographies, July 2016

Contribution of financial services to the UK economy

The UK's financial services sector as a whole made a total tax contribution of £71.4bn in the taxes in the year to March 2016, equivalent to 11.5% of total UK government tax receipts. This figure includes taxes paid, as well as taxes collected, by the sector.

The financial services sector employs over 1.1 million people, representing 3.4% of the UK's total workforce.

Source: PwC and City of London, Total Tax Contribution of UK Financial Services (ninth edition), December 2016

The UK’s financial services sector contributed over £120bn to the economy in 2015, 7.2% of total GVA in the UK. Finance and insurance activities in London generated £61.7bn for the economy in 2015, just over half of the UK’s total output in this industry. Nearly half of London’s finance and insurance output is derived from the City of London.

Taken together with professional services, financial services contributed £245bn to the UK economy in 2015, accounting for 14.7% of total output.

Sources: Office for National Statistics, Regional Gross Value Added (Income Approach), December 2016, and GLA Economics, Regional Gross Value Added estimates for London by different regional geographies, July 2016

Foreign-owned financial services firms in the UK

Altogether, there are over 1,000 financial services firms in the UK that are majority foreign-owned, from around 80 countries.

Overseas owned companies represent 48% of all financial services groups worth in excess of £100m. This demonstrated the UK financial services market's continued international appeal.

Number of financial services firms in the UK that are foreign-owned (February 2016)

Country Number of firms in the UK
USA​ 498
Switzerland​ 49
France​ 41
Japan 35
Germany 34
Canada 32
Netherlands 30
Australia 30
Bermuda 29
India 28

While the US remains the largest investor in UK financial services, other economies are increasing their investment more rapidly, although from a lower base level. The Channel Islands and Singapore have been the fastest growing overseas investors over the last two years. For a chart showing the fastest growing overseas investors in UK financial services, see the IMAS UK Financial Services Industry Annual Review 2015 (3MB)

Source: IMAS UK Financial Services Industry Annual Review 2015, February 2016 (3MB)

World's top banks in 2016

Top world banks by Tier 1 capital

Rank Bank name Country City
1 ICBC ​ China ​ Beijing
2 China Construction Bank ​ China ​ Beijing
3 JP Morgan Chase & Co. ​ US ​ New York
4 Bank of China ​ China ​ Beijing
5 Agricultural Bank of China ​ China ​ ​ Beijing
6 Bank of America US Charlotte
7 Citigroup US ​ New York
8 Wells Fargo & Co ​US ​ San Francisco
9 HSBC Holdings ​ UK ​ London
10 Mitsubishi UFJ Financial Group ​ Japan ​ Tokyo

NB: rankings are based on amount of Tier 1 capital, expressed in US$ terms.

Source: The Banker Top 1000 World Banks survey, July 2016, available The Banker Database website

Sources of other statistical information

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