In an opinion piece written for the Wall Street Journal Mr Buffett, who is estimated to be worth $71.3bn by Forbes magazine, claims that the depressing fact is that "the poor are most definitely not poor because the rich are rich".
Citing the likes of Henry Ford and Steve Jobs as examples of innovation, Mr Buffett goes on to say that the rich are not undeserving and that "most of them have contributed brilliant innovations or managerial expertise," to America's economy.
