President Joe Biden warned Americans of a “dangerous concentration of power” in the hands of a “very few ultra-wealthy people” and the impact he feared it would have on the country’s democracy as he delivered a farewell address Wednesday from the Oval Office.

“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, a fair shot for everyone to get ahead,” said Biden, who was joined by his family and longtime aides.