CEO who sells $800 sequined dresses tells 99 percenters: Stop whining, you’d be rich in India

By Travis Gettys
Thursday, February 13, 2014 8:36 EDT
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Bud Konheim
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A fashion mogul offered some advice to Americans who aren’t among the top 1 percent of wealth holders: Stop whining.

“We’ve got a country that the poverty level is wealth in 99 percent of the rest of the world,” said Bud Konheim, CEO and co-founder of the luxury fashion company Nicole Miller. “We’re talking about woe is me, woe is us, woe is this.”

Konheim, whose company sells $800 sequined dresses and $250 purses, disagreed with another panelist Wednesday on CNBC’s “Squawk Box” that America’s bottom 99 percent were among the top 1 percent elsewhere.

“The figure’s even bigger than that,” he said.

“Here it is, money is all over the place, and the guy who’s making – oh my god, he’s making $35,000 a year – why don’t you try that out in India or some countries we can’t even name, or China – any place – the guy is wealthy,” Konheim said.

Technically, he is correct.

The top 1 percent of U.S. income earners makes at least $500,000 a year, but that figure is about $34,000 a year globally, according to a World Bank economist.

Watch this video clip posted online by CNBC:

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