Being rich is great, no?

Are rich people happier?

According to Shark Tank star Kevin O'Leary, absolutely.

The business maven known as Mr. Wonderful, lover of money, was responding to a comment made earlier this week by Warren Buffett, who said doubling one's wealth does not bring happiness.

Buffett, worth an estimated $87.8 billion, said he actually missed the days he had less.

"I wasn't unhappy when I had $10,000 when I got out of school," Buffett said during an interview with CNBC. "I was having a lot of fun." He explained that multiplying one's wealth does not bring happiness, noting that someone who makes $100,000 and is unhappy, will not find happiness with $1 million either.

Even if you earned that million dollars, your happiness will disappear when you "look around" and "see people with $2 million," the Berkshire Hathaway (BRK.B - Get Report) (BRK.A - Get Report) CEO said. "You will not be way happier if you double your net worth."

But O'Leary disagrees.

"I think it's noble to say that, but I have been rich and I have been poor, and I can faithfully say that after a lot of due diligence on this topic that rich is better," O'Leary, chairman of O'Shares ETFs said in an interview.

According to Wikipedia, the Canadian-born O'Leary has an estimated net worth of $400 million. O'Leary rose to prominence in the business world after his software company sold to toy-maker Mattel (MAT - Get Report) for $3.65 Billion in 1999. He is best known for his no-nonsense, and often blunt, criticism of aspiring entrepreneurs on ABC's Shark Tank.

This interview brought to you buy Kitco News. O'Leary also shared some thoughts on investing. Watch below. 

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.