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- Since 1996, the number of self-employment jobs has increased by 212,750 and is projected to increase by a further 208,000, to 896,000, by 2036. Over half of the increase in London’s self-employment jobs since 1996 has come from the construction, professional/scientific/technical activities and education sectors, with the first two sectors now accounting for over a third of all self-employment jobs in London. However, as a share of all jobs, self-employment is particularly important for the construction industry where it makes up over half of all jobs, and the arts/entertainment/recreation industry where it makes up nearly a third.
- There has also been an increase in the numbers of self-employed people working in London. Compared to employees, self-employed people are more likely to be older, male, own their property of have a mortgage, and less likely to be working full-time.
- For women living in London, income from self-employment compared to employee income is more likely to exceed £50,000, although the opposite is true for men. However, both men and women are more likely to earn under £20,000 from self-employment than their employee counterparts.
- Households where the head of the household is self-employed have a median net wealth of £264,900, higher than the equivalent for households where the head is an employee. Further, compared to households where the head is an employee, self-employed households are more likely to have higher property wealth (net) and physical wealth (including collectables and valuables) but lower pension wealth.
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