President Joe Biden used his farewell address to the nation Wednesday to warn of an “oligarchy” of the ultra-wealthy taking root in the country.

President Joe Biden said an oligarchy is forming in the U.S. that threatens democracy, issuing the bleak warning on Wednesday in his final Oval Office speech as he prepares to hand over power to Donald Trump next week.

President Joe Biden warned of a rising ultrawealthy “oligarchy” in America that poses a threat to the nation’s democracy, in a grave farewell address delivered Wednesday as he prepares to cede the White House back to Donald Trump.

President Joseph Biden, who defeated Donald Trump in 2020 but failed to prevent his return in 2024, delivered his farewell address from the Oval Office, defending a legacy that his successor now vows to dismantle and that voters soundly rejected.

President Joe Biden capped a half-century political career on Wednesday with a final Oval Office speech as he hopes to seal a legacy overshadowed by Democrats' failure to stop Donald Trump from returning to the White House.

President Biden, in his farewell address to the nation, said there is a "short distance between peril and possibility."