Schwarzenegger told the BBC Buffett, a long-time friend, will help him assemble a panel of experts to advise him on the economy.
As chairman of the investment group Berkshire Hathaway, Buffett is one of the financial world's most respected figures. Unlike Schwarzenegger, who is a Republican, Buffet is a Democrat who has spoken in favor of higher taxes.
Buffett has amassed a formidable reputation and a personal fortune by buying into well-known, but underperforming, companies.
Celebrity Families of 2014 [PHOTOS]