A new study by professional CV builder CV Maker has highlighted significant variations in earnings across London. The analysis of Office for National Statistics (ONS) data shows that median gross weekly earnings for full-time employees vary dramatically, reflecting a diverse economic landscape driven by finance and professional services.
The financial distortion across the capital is stark. The gap between London’s highest and lowest paying boroughs stands at £567.90 per week, which is equivalent to nearly £30,000 annually.
Financial districts dominate top earnings
The study underscores how location within London commands premium salaries, with the highest-earning areas heavily clustered around commercial and financial hubs. The top 10 highest-paying boroughs all exceed England’s national average weekly pay of £770.
The top 10 boroughs for median weekly pay are
- City of London: £1,278.50 (Tops the chart, outpacing the national average by roughly 66%)
- Tower Hamlets: £1,251.20 (Claims 2nd place, sitting just £27.30 behind the City. Fueled by Canary Wharf, this borough has transformed from one of London’s poorest areas into a financial powerhouse.)
- Camden: £1,038.20
- Westminster: £1,022.50
- Islington: £1,006.80
- Hammersmith and Fulham: £970.60
- Hackney: £958.20
- Southwark: £957.60
- Lambeth: £920.70
- Lewisham: £869.30 (Completes the top 10, offering 13% more than the national average)
Central London’s concentration of wealth is highly evident, as the top 5 boroughs all offer median weekly earnings above £1,000.
Surprising shifts in traditional wealth
The ONS data revealed unexpected trends when comparing traditionally affluent residential areas with rapidly developing commercial hubs
- Newham: Traditionally considered 1 of London’s more deprived boroughs, it ranks 11th with weekly earnings of £864.70, officially outperforming more affluent areas like Richmond upon Thames.
- Kensington and Chelsea: Ranks just 14th for weekly earnings at £853.50, which is considerably lower than East London boroughs such as Tower Hamlets and Hackney.
The capital’s lowest earning areas
At the other end of the scale, outer boroughs show more modest figures that sit near or slightly below the national benchmark.
The five lowest-paying boroughs in London are
- Sutton: £764.10
- Harrow: £757.30
- Merton: £747.00
- Bexley: £718.50
- Redbridge: £710.60 (The lowest-paying borough, bringing in 92% of the national average and just 56%of what City workers earn.)
Impact on job seekers and the city
Nicky Klaasse, CEO at CV Maker, commented on the findings: “These statistics show the disparities across London’s boroughs, with the highest-earning areas clustered around financial districts rather than traditionally wealthy residential neighbourhoods. The data highlights how dramatically location can impact earning potential even within the same city.”
“What’s particularly interesting is seeing boroughs like Tower Hamlets and Hackney ranking so highly. These areas have undergone significant economic transformation in recent years, attracting high-paying industries and skilled professionals.”
“For job seekers, understanding these regional variations can be valuable when considering where to focus their search. A role in the City or Canary Wharf might offer substantially higher earnings than the same position elsewhere in London.”
These findings, based on the latest available workplace earnings data, illustrate ongoing economic patterns in the UK capital. Finance and related sectors in central and East London continue to drive higher median pay, while outer boroughs show more modest figures.
Experts note that such variations heavily influence housing choices, commuting patterns, and career decisions for professionals across the city. The data ultimately provides valuable insights for both employers and those navigating London’s competitive job market.