President Trump said he stacked his cabinet with a slew of billionaires because he “just doesn’t want a poor person.”

“I love all people — rich or poor — but in those particular positions, I just don’t want a poor person,” the president said at a campaign-style rally in Cedar Rapids, Iowa, on Wednesday. “Does that make sense? If you insist, I’ll do it — but I like it better this way.”

His cabinet includes Wilbur Ross as commerce secretary, who is valued at $2.9 billion; Betsy DeVos as education secretary, who is worth $5.1 billion; and Tom Ricketts as deputy secretary of commerce, who is valued at $5.3 billion.

He also named former Goldman Sachs executives Steve Mnuchin as Treasury secretary and Gary Cohn as his top economic aide.

Trump said people with money are just good at managing money.

“Somebody said, ‘Why’d you appoint a rich person to be in charge of the economy,'” Trump told the cheering crowd. “I said, ‘Because that’s the kind of thinking we want.'”

He continued to tout their qualifications.

“They’re representing the country. They don’t want the money. They’re representing the country. They had to give up a lot to take these jobs. They gave up a lot,” he said.

Speaking about Cohn, the former president of the investment firm who accompanied Trump to Iowa with Ross, Trump said he’s “smart.”

“Having him represent us, he went from massive paydays to peanuts ,” he said of Cohn, who walked away from Goldman Sachs with a payout of about $285 million.