Los Angeles is facing some tough problems. The city struggles with climate, housing, and political tension. On top of that, tariffs and deportations may bring even more trouble.
Yet, this week, the city is hosting a major event: the Milken Institute Global Conference. Billionaires and CEOs are the center point of this event. It’s one of the world’s biggest gatherings of money and power, and the event shows how important Los Angeles still is in business and finance.
Billionaires and CEOs Take Center Stage in LA
Tickets for the event start at $25,000. Thousands of people are showing up to hear well-known names speak. Some of them are from Wall Street, the government, and Hollywood.
Speakers include Treasury Secretary Scott Bessent, Nvidia’s Jensen Huang, and Citigroup’s Jane Fraser. Billionaires and CEOs like Elon Musk, Ken Griffin, and Rupert Murdoch are also expected.
Inside the Beverly Hilton, guests network, make deals, or join wellness sessions in a peaceful garden. At night, they head to fancy dinners and rooftop parties with views of Los Angeles.
But just a few miles away, life looks very different. The city’s problems are clear, even as billionaires and CEOs gather to talk business and enjoy luxury.
To the west of Los Angeles, wildfires have destroyed thousands of homes. All that’s left in many places are brick chimneys standing alone. To the east, homeless tents fill the streets, and downtown office buildings sit empty.
In the north, Burbank and Hollywood soundstages are quiet as filming moves to cheaper locations. Port activity is slowing down to the south, partly due to tariffs.
LA Faces Big Problems While Billionaires and CEOs Gather
Los Angeles used to represent success and wealth. Today, it’s dealing with significant issues like climate change, a housing crisis, budget problems, and political conflict.
The city is also at the center of the immigration debate, making it a target for new deportation plans and funding cuts tied to sanctuary policies. All these problems are piling up. Mayor Karen Bass is already under pressure after the January fires.
Last month, she said the city faces a budget gap close to $1 billion. Los Angeles will lay off 5% of city workers. At the same time, it’s getting ready to host the FIFA World Cup, the Super Bowl, and the 2028 Olympics.
Billionaires and CEOs are here to talk about deals and money. But the city itself is in trouble. With less funding, critical services like police and homeless aid could suffer even more.
Los Angeles is facing many problems at once. Raphael Sonenshein, a political expert, said these issues are stacking up and worsening due to unexpected natural disasters. One of the worst was the Palisades and Eaton Fires.
They killed 30 people and destroyed 16,000 buildings. The damage may cost up to $131 billion. Many still wonder if they’ll rebuild or leave the city for good. So far, LA has issued only 31 permits to start rebuilding.
Struggles Continue While Billionaires Visit LA
A 66-year-old camera operator, David Rudd, lost nearly everything in the fire. Though his condo is still standing, the smoke ruined all his belongings. Now, he’s fighting with his insurance company for help.
His temporary housing lease ends in June, and he has no clear plan. He said it might have been easier if the fire had taken everything so they could start fresh elsewhere. Despite three Emmy awards, Rudd hasn’t had steady work this year.
That’s because the entertainment industry in LA is shrinking. New technology and cheaper locations in other cities are pulling jobs away. Filming in the area dropped 22% compared to last year. Most local sound stages sat unused as producers moved to places with better tax breaks.
While billionaires and CEOs gather at high-end venues in LA, many longtime residents are just trying to survive. The gap between wealth and hardship grows, and the city feels the pressure.
Film and TV jobs in Los Angeles have decreased by 25% since the writers’ and actors’ strikes in 2023. Many remaining jobs now focus on digital content, not traditional roles like set design or costume work. The shift shows how the entertainment industry is changing fast.
LA Remains Busy as Billionaires and CEOs Arrive
Even as Hollywood struggles, the broader LA economy is active. The city sits at the center of LA County, home to about 10 million people – the largest county in the US. Century City is full of busy offices and ongoing construction.
High-end shopping spots like Rodeo Drive and The Grove are crowded. The Milken Institute Global Conference, now in its 28th year, continues to draw attention.
Billionaires and CEOs worldwide attend this major event, making deals and sharing insights in the heart of Beverly Hills.