President Donald Trump has said he would rather not have a "poor person" overseeing the US economy as he defended the appointment of wealthy individuals to his Cabinet.

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

The president, a billionaire himself, touted the appointments of former Goldman Sachs president Gary Cohn as chief economic adviser, and billionaire investor Wilbur Ross as Commerce Secretary, as "smart" decisions.

His appointments have also included former Goldman Sachs executive Steven Mnuchin as Treasury Secretary, Todd Ricketts whose family own the Chicago Cubs baseball team, as deputy commerce secretary, and billionaire Betsy DeVos as education secretary.

Mr Trump said: "Somebody said 'Why did you appoint a rich person to be in charge of the economy? I said 'Because that's the kind of thinking we want'.

"They're representing the country. They don't want the money. They had to give up a lot to take these jobs. They gave up a lot,"

"When you get the president of Goldman Sachs, smart. Having him represent us, he went from massive paydays to peanuts. These are great brilliant business minds and that's what we need. That's what we have to have so the world doesn't take advantage."