Figures from the Office for National Statistics also reveal that men in the area work the shortest hours in the UK, an average of only 36.3 hours a week.
The constituency also has one of the widest gender pay gaps in Scotland, with the average weekly wage for women £640.90, 39 per cent lower than that for men.
In Scotland on average women receive a weekly salary 14 per cent lower than men.
Men in Edinburgh North and Leith are the second-highest paid in Scotland at £818.90 a week, while women receive £659.70.
Edinburgh South West makes it into the top ten too, with men being paid an average of £775.60 per week. Edinburgh South West also has one of the lowest gender pay gaps in the country with women being paid an average of 11 per cent less than men.
The average full-time annual salary for a male worker in Edinburgh South is £54,709, the ONS survey reveals.
The figures are based on tax records and apply to full-time workers, excluding the self-employed.
Edinburgh South contains the wealthy areas of Morningside, Marchmont and Newington, where properties often cost upwards of £2 million.
But it is also home to some less wealthy areas including Liberton and Moredun.
Dr Tanya Wilson, an economics lecturer at Glasgow University, said: “These are remarkable figures.
“This data suggests there are widening disparities cutting through society in many different ways.
“We’re seeing growing gaps not just between men and women, town and country, not just between industries, but gaps that are systemic within small areas - even in the same city.
“What’s striking with Edinburgh South is the wealthiest are earning more for a shorter week while the hours of those on lower wages are getting longer.”
The Labour MP candidate for Edinburgh South, Ian Murray, said: “Edinburgh is an economic success story but in some parts of my constituency nearly a third of children live in poverty.”
The fourth-highest earners in Edinburgh and the Lothians are men in Edinburgh East, with an average weekly salary of £708, followed by women in Edinburgh South West with £688.60.
The lowest earners are women in the constituency of Midlothian, with a weekly salary of £554.50, below the Scottish average for women of £585, closely followed by women in Livingston, who earn £557.10.