» • »
May 23, 2012
tEljt
Çortlanh (Obstruer
Opinion articles do not necessarily represent the views o f the
Portland Observer. W? welcome reader essays, photos and
story ideas. Submit to news@portlandobserver.com.
Page 9
New Prices
Effective
May i , 2010
Martin
Cleaning
Service
Carpet & Upholstery
Cleaning
Residential &
Commercial Services
Minimum Service CHG
$45.00
A small distance/travel charge
may be applied
CARPET CLEANING
2 Cleaning Areas or
more $30.00 Each Area
Pre-Spray Traffic Areas
(Includes: 1 sm all H allway)
1 Cleaning Area (only)
$40.00
Includes Pre-Spray Traffic Area
(Hallway Extra)
Stairs (12-16 stairs - With
O ther Services): $25.00
Disconnected into a Stateless Class
No country for
the super rich
by
S am P izzigati
Back in 1863, a
short story took the
American public by
storm . E dw ard
Everett Hale's The
M an w ith o u t a
Country told the tale of a poor trea-
sonous soul sentenced to spend
the rest of his life endlessly sailing
the world in perpetual exile, as a
prisoner aboard Navy warships.
Today's awesomely affluent are
just as transient — by choice.
T ake F aceb o o k c o -fo u n d e r
Eduardo Saverin. This billionaire
renounced his U.S. citizenship in
2011, a move perfectly timed to po-
tentially save him hundreds of mil-
lions in taxes when Facebook goes
public.
Saverin has plenty of company,
The number of Americans who for-
mally renounced their U.S. citizen-
ship soared to 1,780 last year from
235 in 2008.
The spark for this surge? U.S. tax
officials have been clamping down
on overseas tax evasion. This bit of
unpleasantness has some wealthy
Americans, such as the Brazilian-
bom Saverin, cutting their ties to
dear old Uncle Sam. They simply
pay a $450 paperwork fee and an
"exit tax" on unrealized capital gains,
if they hold assets worth over $2
millionorhavepaidover$ 151,000
to the IRS in any recent year.
But the affluent who have
formally renounced theircitizen-
ship comprise just a tiny share
of what the Financial Times has
labeled the "stateless super rich."
These uber-wealthy folks shy from
the notoriety of citizenship spumed,
They just live their lives as if they
have no nation to call their own.
The most famous member of this
stateless-by-choice com m unity
may be Nicolas Berggruen, a 52 year-
old "homeless billionaire" worth
over $2.3 billion who has spent the
last decade hopping the world from
one five-star hotel to another,
But few of the stateless super
rich settle for hotel suites. Most of
the vagabonding wealthy own per-
sonal residences. Lots of them,
Typically, the Financial Times re
ported last month, a stateless su-
per-rich household will have one or
two properties in their "country of
principal residence," another in
London, New York, or some other
"global city," a "holiday home" in a
warm climate, and maybe another
pad somewhere snowy.
Among the super rich, this per
petual-motion existence has become
almost de rigueur, notes Jeremy
Davidson, a London realtor who
handles properties that run at least
£10 million, the equivalent of over
$16 million.
"The more money you have,"
explains Davidson, "the more root
less you become because every
thing is possible."
That rootlessness is keeping the
price of luxury real estate soaring.
So far this year, in Manhattan alone,
four luxury co-op apartments have
sold for over $30 million each, notes
Crain's New York Business.
Just how many potential state
less super rich are currently roam
ing the world? Late last year, the
Singapore-based Wealth-X consult
ing firm put the overall global num
ber of people worth at least $500
million at about 4,650. These super
rich together hold an estimated $6.25
trillion in assets.
That's more than enough, note
urban planners, to create havoc in
the hotspots where the stateless
super rich most often gather. Their
gentrification on steroids supersizes
prices for local products and ser
vices — and prices out local resi
dents in the process.
The massive mansions and apart
ments belonging to these homeless
billionaires can also exacerbate lo
cal housing shortages and consti
tute an assault on any healthy sense
of urban community. The super rich,
as they flit about, leave their prop
erties unoccupied most of the year.
The resulting emptiness, notes Co
lumbia Uni versity sociologist Saskia
Sassen, sucks the neighborhood
vitality out of great urban centers.
The super rich don't notice. Or
care. They have no interest in put
ting down roots. During their brief
seasonal sojourns, they live in iso
lation from the greater community
around them. They venture out into
local public life only long enough to
corrupt it with trinkets for local pols
who promise to keep tax rates tooth
less.
The stateless protagonist in the
classic short story Edward Everett
Hale penned nearly 150 years ago
desperately yearns to rejoin the
society he so treasonously spumed.
Today's stateless super rich don't
figure to display any similar yearn
ing. They're having too grand a time.
At our expense.
Sam Pizzigati edits Too Much,
the online weekly on excess and
inequality published by the Insti
tute for Policy Studies.
Area/Oriental Rugs.
$25.00Minimum
Area/Oriental Rugs (Wool):
$40.00Minimum
Heavily Soiled Area:
Additional $10.00 each area
(Requiring Extensive Pre-Spraying)
UPHOLSTERY
CLEANING
Sofa: $69.00
Loveseat: $49.00
Sectional: $ 109 - $ 139
Chair or Recliner:
$25 - $49
Throw Pillows (With
Other Services): $5.00
%
ADDITIONAL
SERVICES
• Area & Oriental Rug
Cleaning
• Auto/Boat/RV Cleaning
• Deodorizing & Pet
Odor Treatment
• Spot & Stain
Removal Service
• Scotchguard Protection
• Minor Water Damage
Services
SEE CURRENT FLYER
FOR ADDITIONAL
PRICES & SERVICES
Call for Appointment
(503) 281-3949