Outgoing President Joe Biden warned of the dangers of power being dangerously concentrated in the hands of a small number of ultra-wealthy individuals, as the incoming Donald Trump administration prepares to take office.

In his farewell address to the nation, delivered from the White House on the evening of the 15th, President Biden stated, "Today, America is witnessing the formation of an oligarchy with excessive wealth, power, and influence. This poses a genuine threat to our entire democracy, our fundamental rights and freedoms, and the fair opportunities that allow everyone to succeed."