US President Joe Biden on Thursday highlighted the formation of an ‘oligarchy’ in his farewell address from the Oval Office. Biden warned of the concentration of wealth in a few hands, as it would give them the opportunity to abuse their power.

“In my farewell address tonight, I want to warn the country of some things that give me great concern… the dangerous concentration of power in the hands of a very few ultrawealthy people, and the dangerous consequences if their abuse of power is left unchecked. Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms,” he said, asserting that the wealthy must put forth their fair share in taxes.