Obama, 51, attended a fundraiser at New York's 40/40 Club hosted by the rapper and his wife Beyonce this week, reported Politico online.
"I had a bond with the rapper. We both have daughters, and our wives are more popular than we are. So, you know, we've got a little bond there. It's hard, but it's okay," he said.
Beyonce, wearing a red cocktail dress, was brief in her introduction of the president.
"I can't tell you how proud we are to host tonight's event with President Obama. We believe in his vision," she said.
"To J and B, thank you so much for your friendship," said Obama, adding that the rest of the Obama family was jealous.
"Michelle, Sasha and Malia are mad at me because they aren't here," he said.
Obama is on the campaign trail at the moment, for a second term in the White House in November.