Rosenfeld Realty Advisors: ECONOMIC INEQUALITY IN PERSPECTIVE GLOBALLY

Friday, February 14, 2014

ECONOMIC INEQUALITY IN PERSPECTIVE GLOBALLY

This one was too interesting to pass up. This economic inequality started out very one sided, the 99% of people who are not wealthy bashing the 1% who are, looking to get more money from them, taxes, etc. But increasingly this is becoming a battle, with the 1% becoming more and more vocal as they defend themselves and their wealth. This one is coming from @Bud Konheim, who is the CEO of the fashion company Nicole Miller. He takes the inequality battle to a place I have not seen before: a global perspective. He explains that the poor in the US are actually very lucky and considered rich in comparison to the rest of the world. He talks of how a $34,000 salary in the US would place someone in the 1% wealth bracket globally. Interesting comparisons with China: $35,000 salary put you at 60% wealth bracket in China, upper middle. In the US $500,000 income is needed to be considered 1% while only $91,000 in China gets you to the 1% there. In India, it is even lower: $87,000 needed to be 1% and a salary of $35,000 is upper middle or better. All this being said, wealth is based on lots of things, especially where you live and the cost of goods and housing.

I think there is a message here, not fully intended this way by Bud Konheim, but it is how I see it. We all must be thankful and grateful for what we have. This doesn’t mean that we should stop trying to do more but it is an extremely important message. Because if we are not thankful and grateful we can’t be happy, and that is what we should all be striving for. Whatever problems you have, there are always people who have it worse, much worse. While this should not make you feel good, it should stop you from complaining and focus on the things that are important. And work harder to get them. Speaking of work, do you know how the work ethic is of people in China and India as compared to the US? Our work lives are like a vacation for these people, they work all the time for minimal pay, usually in terrible conditions, and with few safeguards (I could go on and on about more things here but won’t, but consider housing and pollution to name 2 more). Yes, we are all very lucky to be living in the US and have all the opportunities that we have here. While nothing in life is perfect, it is still the greatest country in the world.

The poor should stop whining, says luxury CEO

http://finance.yahoo.com/news/poor-stop-whining-says-luxury-160846180.html?vp=1