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.

"Today an oligarchy is taking shape in America that literally threatens our democracy, our basic rights, our freedoms," the president said.

In his farewell speech from the Oval Office days before his presidential term ends, President Joe Biden warned that an “oligarchy is taking shape in America.”