Economy of London

London, the capital city of the United Kingdom, is the world's leading financial centre for international business and commerce and is one of the "command centres" for the global economy.

The economy of London is dominated by service industries, particularly financial services and associated professional services, which have strong links with the economy in other parts of the United Kingdom and internationally. According to Brookings Institution, London has the fifth largest metropolitan economy in the world. Some neighborhoods have estimated per capita GVA as high as £116,800 ($162,200). By way of comparison, London's economy is roughly the same size as that of Sweden or Iran.

With an estimated 8,615,246 residents in 2015, London is the most populous region, urban zone and metropolitan area in the United Kingdom. London generates approximately 22 per cent of the UK's GDP. 841,000 private sector businesses were based in London at the start of 2013, more than in any other region or country in the UK. 18 per cent are in the professional, scientific and technical activities sector while 15 per cent are in the construction sector. Many of these are small and medium-sized enterprises.

London shifted to a mostly service-based economy earlier than other European cities, particularly following the Second World War. A number of factors contribute to London's success as a service industry and business centre:

Currently, over 85% (3.2 million) of the employed population of greater London works in the service industries. Another half a million employees resident in Greater London work in manufacturing and construction, almost equally divided between both.

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