Outgoing US President Joe Biden on Wednesday delivered his farewell speech to the nation and used the address for giving a stark warning of a “dangerous” oligarchy of the ultra-wealthy taking shape in the country under Donald Trump.

“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, drawing attention to “a dangerous concentration of power in the hands of a few ultra-wealthy people and the dangerous consequences if their abuse of power is left unchecked.”

Speaking from the Oval Office as he prepares to hand over power on Monday to President-elect Donald Trump, Biden seized what is likely to be his final opportunity to address the country before he departs the White House to spotlight the accumulation of power and wealth in the US among just a small few.

“I’m equally concerned about the potential rise of a tech-industrial complex that could pose real dangers to our country as well,” Joe Biden said, invoking former US President Dwight Eisenhower’s warnings about the rise of a military-industrial complex when he left office in 1961.