EEV Solution: Ostracise anyone wearing Nicole Miller, until Bud Konheim is rich just like the other 99%.
- Bud Konheim is boss of Nicole Miller which sells $800 sequined dresses
- Says U.S poverty level is wealthy in 99% of countries around the world
- Incomes for the richest 1% of Americans nearly tripled from 1979 to 2007
UPDATED: 09:08 EST, 13 February 2014
Workers who are not among the wealthiest one per cent of Americans should stop complaining about being poor because they would be considered rich in most other countries, the CEO of a luxury fashion company has said.
Bud Konheim, the boss of Nicole Miller which sells $800 sequined dresses, said the 99 percenters should consider themselves lucky.
He said: ‘We’ve got a country that the poverty level is wealth in 99 per cent of the rest of the world. So we’re talking about woe is me, woe is us, woe is this.
Bud Konheim, the boss of luxury fashion firm Nicole Miller, says Americans not in the wealthiest one per cent should stop complaining about being poor because they would be considered well off in other nations
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, any place, the guy is wealthy.’
The figures appear to back up his assertions.
According to World Bank economist Branko Milanovic, an income of $34,000 puts you in the top one per cent globally.
But Konheim’s remarks on CNBC’s Squawk Box are likely to infuriate inequality campaigners who have seen incomes for the richest one per cent of Americans nearly triple from 1979 to 2007, far outpacing income growth for all other groups.
Konheim’s remarks are likely to infuriate inequality campaigners such as the group ‘We are the 99%’
Nicole Miller makes high-end fashion dresses for celebrities such as Angelica Huston, Beyoncé Knowles, Angelina Jolie and Brooke Shields.
The fashion line is also sold in stores such as Neiman Marcus, Saks Fifth Avenue, Bloomingdale’s and Nordstrom Inc.
As of 2009, anyone with a salary above $343,927 belong to the top one per cent in the United States, according to IRS reports.
Widening divide: A graph showing changes in real US incomes in the top 1 per cent, middle 60 per cent, and bottom 20 per cent from 1979 through to 2007
In China, an income of $91,000 would get you in the top one per cent, while a $35,000 salary would still place you in the top 60 per cent.
However, critics would argue that it is all relative as the cost of living is far greater in America.
Konheim’s remarks also come weeks after multi-millionaire venture capitalist Tom Perkins likened the ‘progressive war on the one per cent’ to the Nazi persecution of the Jews.
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