The City is a major business and financial centre. Throughout the 19th century, the City was the world’s primary business centre, and it continues to be a major meeting point for businesses. The insurance industry is focused around the eastern side of the City. A secondary financial district exists outside of the City, at Canary Wharf, 2.5 miles (4.0 km) to the east.
The City has a resident population of about 7,000 (2011) but over 300,000 people commute to and work there, mainly in the financial services sector.