President sounds alarm about growing power of ultra-wealth before handing presidency back to Trump

Joe Biden delivered his final address as US president from behind the Resolute desk on Wednesday evening, sounding the alarm about the growing power of the US’s ultra-wealthy and warning that an emerging oligarchy threatens the foundations of US democracy.

The prime-time Oval Office speech came as Biden prepares to hand the presidency back to Donald Trump, who he defeated in 2020 only to see return to power after Biden’s own dramatic exit from politics last summer.