It's a bit hard to comment on such a very small sprite without seeing the background where it's supposed to fit in, or any kind of animation. Is this a main character or someone standing in the background or what?
My thoughts:
- Unless you zoom in a lot, his whole suit just looks black. If you want to add highlights, you need to use more contrast. Be critical, zoom out and see if you can actually tell the difference when you get rid of some of those colours.
- He looks like he's wearing some kind of suit or tuxedo, yet there are no lapelles and his jacket fits so tight that it looks like a sweater
- He looks like a gentleman, but it looks like he's got a hand in his pocket. I moved it higher, so it looks like he's got one hand on his lower back.

Hmm, now that I think about it, I'm not quite sure if you were going for hobo or upper class gentleman. I guess that would be one criticism. His jacket and posture says hobo, his beard and hat say gentleman.
EDIT: Oops, the title is 'gentleman'. Looks like I've gotten to the bottom of that mystery.