London's richest boroughs: The average income where you live
di Qasim Peracha
London is supposed to be the land where streets are paved with gold, or at least that's what Dick Whittington claimed. But is that really true? We all know the cost of living in the capital is pretty high, but are salaries higher too? And which parts of London are the wealthiest?
HM Revenue and Customs' most recent data on what we earn comes from the tax year 2017 to 2018 and according to them, the mathematical average salary in London is a tidy £43,500 per year for employees and £43,200 for the self-employed. But London has some very high earners and some fairly low earners, which makes the mean figures above a less reliable figure for what the average Londoner earns. Luckily Hmrc also provides median figures, which show what the middle-of-the-pack Londoner earns, and it is dramatically less.
London is supposed to be the land where streets are paved with gold, or at least that's what Dick Whittington claimed. But is that really true? We all know the cost of living in the capital is pretty high, but are salaries higher too? And which parts of London are the wealthiest?
HM Revenue and Customs' most recent data on what we earn comes from the tax year 2017 to 2018 and according to them, the mathematical average salary in London is a tidy £43,500 per year for employees and £43,200 for the self-employed. But London has some very high earners and some fairly low earners, which makes the mean figures above a less reliable figure for what the average Londoner earns. Luckily Hmrc also provides median figures, which show what the middle-of-the-pack Londoner earns, and it is dramatically less.
Across London, the median income is £27,300 for employees and £16,300 for the self-employed. The difference between the mean and the median shows there is a huge range of salaries, which push way into the top end.
Within both London and England, the City has the highest earning employees, grossing a median of £53,200, almost twice the London-wide figure.
The next highest earners are in Westminster (£35,400) followed by Kensington and Chelsea (33,700) and Camden (£32,600).
Employees living in Brent bring home the smallest paychecks, with an annual median income of £22,800. Barking and Dagenham residents earn a little more at £23,500, while Newham earns a little more again at £24,000.
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