Ultra-wealthy ‘oligarchy’ threatening democracy: Biden 

US President Joe Biden has said that an ultra-wealthy ‘oligarchy’ is threatening democracy in the United States.

The US president made the warning while giving his farewell address from the Oval Office of the White House Wednesday, Jan. 15, 2025, in Washington.

“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, and a fair shot for everyone to get ahead," Biden said.

He drew attention to "a dangerous concentration of power in the hands of a few ultra-wealthy people.

The address bore a striking resemblance to that of former President Dwight Eisenhower’s final address in 1961, where he warned the nation about the rise of a military-industrial complex.