"Oligarchy taking shape in America," says President Joe Biden in farewell address

Outgoing US President Joe Biden gave his farewell address to the nation from the Oval Office on Wednesday and warned Americans about a "dangerous concentration of power" among a few wealthy people in the United States.

"Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedom and a fair shot for everyone to get ahead," Biden said.

The President also warned that Americans are succumbing to misinformation and that press freedoms are deteriorating, as Republican Donald Trump prepares to return to the White House in a few days.

It's been the privilege of my life to serve our nation for over 50 years.

I've given my heart and soul to you, and I've been blessed a million times in return with the love and support of the American people.

Join me as I deliver my farewell address. https://t.co/DRr4U4sa7B

"Americans are being buried under an avalanche of misinformation and disinformation, enabling the abuse of power," he said, adding that "the free press is crumbling."

In a veiled attack on Trump, he said 'powerful forces' threatening climate achievements.

The President is leaving office with a low approval rating - though higher than his predecessor and successor did. Biden's term officially ends on January 20 with Donald Trump's inauguration.