How wealthy is London?

The GDP of London in 2019 was estimated at £589.6 billion (constant 2018 prices), which accounted for 20.7% of the UK's GDP. This makes London the largest city economy in the UK, and one of the largest in the world.

2. Personal Income

The average annual income in London in 2019 was £39,000, which is well above the national average of £29,000. This is due in part to the high concentration of highly-paid jobs in the city, particularly in finance, law, and technology.

3. Property Prices

The average house price in London in 2019 was £485,000, which is more than double the national average of £232,000. This is due to a number of factors, including high demand for housing in London, limited supply, and strong investment from overseas buyers.

4. Wealth

The total wealth held by individuals in London in 2019 was estimated at £2.6 trillion, which is equivalent to 28% of the UK's total wealth. This is due to the high concentration of high-net-worth individuals in the city, as well as the large number of wealthy foreign residents.

5. Inequality

Despite the overall wealth of London, there is also a significant amount of inequality in the city. The gap between the rich and the poor is wider in London than in many other parts of the UK, and there are significant disparities in wealth between different ethnic and social groups.

Overall, London is a very wealthy city, but it is also a city with significant inequality. The high cost of living and the high concentration of wealth in the hands of a few individuals can make it difficult for many people to afford to live in the city.