Arsenal remain the only club among the so-called Big Four not to have succumbed to foreign investment in recent years.
"As for needing a billionaire to take you forward â€“ that's absolute rubbish. I don't agree with that at all. Money is not the only thing that matters," he told the News of the World.
"You don't need to have billionaires. Bill Kenwright might need one to build Everton's new stadium. You have a lot of people spending a lot of money and it doesnâ€™t work."
He added: "Everyone tells Arsene (Wenger) how he ought to run the place but no-one is a better judge than him.
"We have plenty of money and enough to spend. We are not going to splash out stupidly. A lot of the prices clubs ask are ridiculous.
"Arsene has always been very sensible and doesnâ€™t like spending silly money. We could spend more but at the moment we are pretty happy with the squad we have got."