A progressive group released a TV ad in Iowa on Friday alleging Republican presidential contender Mitt Romney represents the top one percent of U.S. income earners.

“He calls himself unemployed while making plans to quadruple the size of his $12 million dollar beach house,” the ad says. “He thinks corporations are people and as head of a multi-million dollar firm, he shipped good American jobs overseas and cut thousands more. He’s Mitt Romney, or as voters are starting to call him, Mr. 1 percent.”