The 72-year-old singer briefly had the idea of becoming a pop star but as he grew older, the idea of a career in politics began to appeal and he set his sights high.
Asked what he wanted to be when he was a child, he said: "I heard my father singing, so I always thought about that but once I hit 10 or 12, I thought I'd go into politics."
Talk show host Jonathan Ross then asked his goal, and he replied: "President."
The 'Lust For Life' hitmaker insisted he lives a "conservative" life these days and believes he never fell victim to his own wild partying because he has always known his limits.
He said: "It's Brinkmanship. My psychiatrist told me that in the seventies, 'You have amazing brinkmanship.' You go to a certain place and you know when to pull back. I always have [known when to pull back]. I'm a very conservative guy, in my daily life. I go to my bed early [now]."
Iggy is known for performing shirtless and admitted he doesn't like being "boxed in" by clothes and can often be found driving home from the beach wearing nothing but a towel.
He said: "I don't wear a lot of clothes. I just don't like being boxed in in any way... I usually wear board shorts [for driving] but what happens is sometimes I've been at the beach and there's been a bit of rain or I've forgotten to bring a dry suit with me so I'll just wing a towel... [drive home in a towel] and hope nothing happens.
"Well if you meet the wrong kind of Constable... It used to be bad 20, 30 years ago I was not a favourite with the Police forces but now they love me and we get along great!"
The full interview with Iggy airs on 'The Jonathan Ross Show' on Saturday (19.10.19).