Bud Konheim, Wealthy CEO, Tells 99 Percenters To Stop Griping

Image: Bud Konheim, Wealthy CEO, Tells 99 Percenters To Stop Griping

Thursday, 13 Feb 2014 09:00 AM

By Alexandra Ward

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Wealthy fashion CEO Bud Konheim has a message for the 99 percenters: Stop complaining. He says they would be considered rich in other countries.

The CEO and co-founder of luxury fashion label Nicole Miller appeared on CNBC's "Squawk Box" Wednesday and said that in other parts of the world, Americans who aren't in the top 1 percent would be considered wealthy.

"We've got a country that the poverty level is wealthier than 99 percent of the rest of the world," he said. "So we're talking about woe is me, woe is us, woe is this . . . The guy that's making, oh my God, he's making $35,000 a year, why don't we try that out in India or some countries we can't even name. China, anyplace, the guy is wealthy."

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Konheim is technically right. According to World Bank economist Branko Milanovic, you need around $500,000 in annual income to be in the top 1 percent of Americans. Globally, an income of $34,000 a year gets you in the top 1 percent.

But Twitter users didn’t take kindly to Konheim, whose Nicole Miller line hawks $800 dresses and $200 clutches, lecturing them about wealth.






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