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: