Last updated on April 9, 2023
There are two ways to quantify the richest area in London. One is by the aggregate GDP of an area, and two is by GDP per head in an area.
Richest Area in London by GDP
1. Greater London Authority
As of 2020, the Greater London Authority is the richest area in London, with a GDP of 2,175 £ Million. The GDP of this area has been increasing steadily from 2015 to 2020. Below is a snapshot of how the GDP of Greater London Authority has been performing since 2015.
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| 1,254 £ Million | 1,377 £ Million | 1,516 £ Million | 1,707 £ Million | 1,849 £ Million | 2,175 £ Million |
2. Camden
Camden is the second richest area in London, with a GDP of 415 £ Million. This was an increase of 46% in GDP from 2019’s GDP of 283 £ Million. Below is a snapshot of Camden’s GDP performance since 2015.
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| 156 £ Million | 166 £ Million | 197 £ Million | 203 £ Million | 283 £ Million | 415 £ Million |
3. Westminster
In the third position is Westminster, with a GDP of 326 £ Million in 2020. Like other richest areas in London, Westminster’s GDP has had an upward trajectory since 2015. The 2020’s GDP of this area was a 28.9% increment from 2019. Look at the following snapshot of how the GDP of Westminster has been performing from 2015 to 2020.
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| 152 £ Million | 173 £ Million | 186 £ Million | 225 £ Million | 253 £ Million | 326 £ Million |
4. City of London
At the fourth position is the City of London, with a GDP of 267 £ Million in 2020. Unlike other richest areas whose GDP increased steadily without any decrement, the City of London dropped from a GDP of 201 £ Million in 2018 to 167 £ Million in 2019. Below is a snapshot of the City of London’s GDP performance.
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| 115 £ Million | 127 £ Million | 169 £ Million | 201 £ Million | 167 £ Million | 267 £ Million |
5. Tower Hamlets
Using the aggregate GDP of an area, Tower Hamlets area is the fifth richest area in London with reference to 2020 official data. In 2020, this area had a GDP of 140 £ Million, a 2.2% increase from 2019’s GDP. The area’s GDP has been on an upward trajectory since 2015, as highlighted below.
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| 76 £ Million | 98 £ Million | 111 £ Million | 126 £ Million | 137 £ Million | 140 £ Million |
Richest Area in London by GDP per Head
1. City of London
The city of London is by far the richest area in London by GDP per head. It led other areas by a GDP per head of 7,953,665 £. 2020’s GDP per head of the City of London was a 3.6% decrement from 2019’s GDP per head. There has been a steady decrement in GDP per head since 2016, as shown in the table below.
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| 9,156,270 £ | 9,547,417 £ | 9,259,829 £ | 8,842,982 £ | 8,252,331 £ | 7,953,665 £ |
2. Westminster
In 2020, Westminster’s GDP per head was 274,318 £. This was an 8.5% decrease from 2019’s GDP per head and a 5.8% decrease compared to 2018. Even though 2020’s GDP per head of Westminster was higher than in 2015, the area is yet to establish a solid upward trajectory of GDP per head.
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| 260,656 £ | 276,221 £ | 289,375 £ | 291,294 £ | 299,955 £ | 274,318 £ |
3. Tower Hamlets
In the third position of the richest area in London by GDP per head is Tower Hamlets. Its 2020’s GDP per head was 116,624 £. Like the City of London and Westminster, this area’s 2020 GDP per head dropped compared to 2019’s. From official regional GDP data, Tower Hamlets had a GDP per head of 116,624 £.
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| 115,346 £ | 120,115 £ | 126,187 £ | 122,300 £ | 119,547 £ | 116,624 £ |
4. Camden
Camden area took the fourth position with a GDP per head of 115,750 £ in 2020. This was a 13.7% decrease from 2019 to 2020. Below is a snapshot that precisely shows how the GDP per head of this state has been performing since 2015.
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| 121,696 £ | 135,529 £ | 137,432 £ | 138,089 £ | 134,155 £ | 115,750 £ |
5. Islington
The fifth position in our list was Islington, with a GDP per head of 84,641 £ in 2020. The trend of drop in GDP per head was also repeated in this area. As highlighted below, it’s 2020 GDP per head was lower than in 2019 and 2018.
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| 84,232 £ | 85,374 £ | 84,303 £ | 87,129 £ | 88,145 £ | 84,641 £ |
Baseline
Greater London Authority is the richest area in London with a GDP of 2,175 £ Million, whereas the City of London is the richest with a GDP per head of 7,953,665 £.
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