President Barack Obama met billionaire philanthropists and businessmen Warren Buffett and Bill Gates on Tuesday for a conversation that touched on how to expand the economy, the White House said.

Gates' wife Melinda was also at the meeting, which focused on an initiative to encourage the wealthiest Americans to give the majority of their wealth to charity.

During the visit, they also discussed ideas for growing the economy and making America more competitive including investment in education to better prepare the next generation and investing in innovative areas with opportunity for growth, the White House said in a statement.