Harry Potter author JK Rowling and Helena Morrissey, the head of personal investing at L&G who founded women's rights organisation the 30% Club, will both receive awards as part of the Queen's birthday honours list.
Morrissey will be awarded a damehood alongside Cilla Snowball, chief executive of AMVBDDO, the advertising giant.
Other City figures slated to receive top honours include investor Len Blavatnik, whose philanthropy work is to be recognised with a knighthood, and Mark Boleat, the former chairman of the City of London Corporation's policy and resources committee.
PC Keith Palmer, the police officer who lost his life during the Westminster attack in March, was awarded a posthumous bravery medal.
Westfield chairman Frank Lowy will also be awarded a knighthood. He said he felt "humbled" by the award.
“I had been trying to establish a business in the UK since the mid-1970s but for various reasons it wasn’t until 2000 that we finally made it.
“That breakthrough was enormously satisfying, and I’m proud that we have been able to make such a powerful economic contribution, as well as support a number of very worthy philanthropic projects.”
Malcolm Walker, the founder of Iceland, John Timpson, the owner of Timpson's will also both receive knighthoods, while Sir Terence Conran and JK Rowling will both be awarded a Companion of Honour, a special award granted to those who have made a major contribution over a long period of time.
The list marks the 100th anniversary of the Order of the British Empire.
Stephen Lansdown, a co-founder of Hargreaves Lansdown, was made a CBE for services to business and the community in Bristol.
Veteran banker Lucinda Riches, who is a non-executive director at UK Financial Investments, was made a CBE for her financial services, British industry and charity work.
Belinda Earl, Marks and Spencer’s style director and formerly chief executive of both Jaeger and Debenhams, was awarded an OBE for her services to retail.
Malcolm Walker, the founder, chairman and chief executive of frozen food retailer Iceland, was given a knighthood for services to retailing, entrepreneurship and charity.