Until the Second World War, St James's remained one of the most exclusive residential enclaves in London. Famous residences in St James's include St James's Palace, Clarence House, Marlborough House, Lancaster House, Spencer House, Schomberg House and Bridgewater House. It is now a predominantly commercial area with some of the highest rents in London and, consequently, the world. Corporate offices in St James's include the global headquarters of BP and Rio Tinto Group. The auction house Christie's is based in King Street, and the surrounding streets contain a great many upmarket art and antique dealers.
St James's is also the home of many of the best known gentlemen's clubs in London, and is sometimes, though not as often as formerly, referred to as "Clubland". The "clubs" found here are organisations of English high society. A variety of groups congregate here, such as: royals, military officers, motoring enthusiasts, and other groups. In 1990, the Carlton Club, traditional meeting place for members of the Conservative Party, was struck by an IRA bomb. See List of London's gentlemen's clubs. In a similar vein, the area is also home to fine wine merchants Justerini and Brooks and Berry Brothers and Rudd, at numbers 61 and 3 St James's Street respectively. Adjoining St James's Street is Jermyn Street, famous for its many tailors. St James's is also famous for being home to some of the most famous cigar retailers in London. At 35 St James's Street is Davidoff of London, 19 St James's Street is home to J.J. Fox and 50 Jermyn St has Dunhill; this makes the area a Cuban cigar haven.
The area has a good number of art galleries, covering a spectrum of tastes. The White Cube gallery, which represents Damien Hirst and Tracey Emin, had originally opened in Duke Street, St James's, then moved to Hoxton Square. In September 2006, it opened a second gallery in St James's at 25–26 Mason's Yard, off Duke Street, on a plot previously occupied by an electricity sub-station. The gallery, designed by MRJ Rundell & Associates, is the first free-standing building to be built in the St James's area for more than 30 years.