President Donald Trump has offered a simple explanation for his wealthy Cabinet choices: Rich people know how to manage money better than poor people do.

In a rambling aside at a rally in Iowa on Wednesday night, Trump responded to criticism about his choices for top economic jobs, including billionaire investor Wilbur Ross for Commerce secretary and former Goldman Sachs President Gary Cohn for chief economic advisor.

Trump, who bashed Goldman Sachs during the presidential campaign, received backlash for choosing wealthy Wall Street figures for top administration posts. Many of his nominees had complex financial holdings around the world, which created myriad potential conflicts.

Trump contended on Wednesday that wealthy people can better run the U.S. economy because they do not need money.

"I love all people, rich or poor. But in those particular positions, I just don't want a poor person," Trump said. "Does that make sense? Does that make sense? If you insist, I'll do it. But I like it better this way, right?"

The wealth of Trump's nominees created snags in the confirmation process as executive branch ethics officials aimed to make sure they complied with guidelines. While Trump's choices have divested from assets, some still have business holdings that leave the door open for potential conflicts.

Here are Trump's comments from the Iowa rally: