In pre-revolutionary Russia, three brothers stood out: Samuel, Jacob, and Lazarus, born to the well-known Jewish merchant Solomon Polyakov. Inheriting a commercial instinct from their father, Samuel became a railway magnate, while Jacob and Lazarus ventured into banking. Notably, Lazarus's name often appears in the biographies of Anna Pavlova, the famous Russian ballerina.

Lazarus Polyakov was born in 1842 in Orsha, Belarus, and received his education at the synagogue. At twenty, he began assisting Samuel in railway construction, then transitioned to commerce, opening a banking office in Moscow in 1870. A year later, he headed the Moscow Land Bank, which was immensely popular among clients seeking loans. Polyakov skillfully adapted foreign schemes to Russian conditions, was knowledgeable in jurisprudence, and strictly adhered to the law.

Lazarus's banking business expanded: he opened branches abroad, became the first Persian consul in the 1890s, led the Moscow Jewish community, received nobility status, and the title of state councilor. Lazarus actively supported the poor, invested in the arts, and opened schools and health facilities for underprivileged Jews.

Many people worked for Polyakov, and it is believed that Anna Pavlova's mother, Lyubov Fedorovna, served him a year before the ballerina's birth. Officially, Anna's father is considered to be retired soldier Matvey Pavlov, but rumors circulated that the real father was Polyakov, who allegedly dishonored the maid. Lazarus's sons claimed that Anna was his daughter when she became famous.

In 1913, Polyakov left for France to escape the financial crisis, but died a year later. His ashes were transferred to the Moscow Dorogomilovo Cemetery, and after its closure, to Vostryakovsky. A memorial plaque in his honor has been installed at the Moscow Choral Synagogue, which the banker financially supported.