Michael A. Lawson announced last week that he intends to step down as president and chief executive of the Los Angeles Urban League by the end of the year.
The former partner with Skadden, Arps, Slate, Meagher & Flom was headed into retirement but got a full load of work five years ago when he was tapped to head the Urban League, which seeks to empower African Americans and other minorities. Not only did he have to deal with the economic problems from the pandemic lockdowns, but the aftermath of the George Floyd killing.
What’s more, the organization was facing escalating deficits and decreasing revenues when he came on board.
But Lawson engineered a turnaround and balanced the budget in three years.
“His accomplishments have been brightly visible to anyone paying attention, but for those of us who have been on the inside, what he has done for the league is masterful,” said Elliot Hinds, the chair of the league.
Lawson said the duty has been “an extraordinary honor.”
“As our impact grows and having just sold out our annual Whitney M. Young Jr. Awards Dinner with a record-setting amount of funds raised, I am confident that this organization is on a path to a strong future,” Lawson said.
He will continue to serve while a search for his replacement is conducted by the organization’s directors.
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You know that Los Angeles is filled with wealthy people. But have you ever wondered if L.A. has more rich folks than anywhere else?
A report out last week addresses that very question, and the answer is “no.” When it comes to the number of millionaires in the area – 204,500 – Los Angeles ranks sixth in the world among cities with the most millionaires and third in the United States.
The five cities, in order, with the greatest number of millionaires: New York (with 340,000 millionaires), Tokyo (with 290,300), the Bay Area (285,000), London (258,000) and Singapore (240,100).
The report was put out Hanley & Partners, which helps wealthy people get citizenship by investment, relying on data from New World Wealth, an independent wealth research firm.
The study also looked at the growth of high net worth individuals. Los Angeles saw a growth of 35% from 2012 through 2022. That lagged New York’s growth of 40% and the Bay Area’s growth of 68%.
When it comes to the number of billionaires in each city, Los Angeles moves up to fourth in the world.
The report says Los Angeles has 42 billionaires. The Bay Area has 63, New York 58 and Beijing 43. However, for what it’s worth, the Business Journal’s Wealthiest Angelenos issue lists more than 50 local billionaires – more than the 42 counted in the report.
The Insider is compiled by Editor-in-Chief Charles Crumpley. He can be reached at [email protected].
