US President Joe Biden used his farewell address to the nation to deliver stark warnings about an "oligarchy" of ultra-wealthy individuals and a "tech-industrial complex" that infringes on Americans’ rights and threatens the future of democracy in the nation, writes Euronews.

Speaking from the Oval Office, which he`s set to vacate on Monday, Biden used the address to sound alarm over the accumulation of wealth and power among a small few: "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… A dangerous concentration of power in the hands of a few ultra-wealthy people. Dangerous consequences if their abuse of power is left unchecked".

The address bore a striking resemblance to that of former President Dwight Eisenhower’s final address in 1961, where he warned the nation about the rise of a military-industrial complex.

"I`m equally concerned about the potential rise of a tech-industrial complex that could pose real dangers to our country as well", added the US president.

Biden used his 15-minute address to offer a model for a peaceful transfer of power and raise concerns about his successor, Donald Trump, without mentioning his name.

Biden’s remarks come after some of the world`s richest individuals and titans of its technology industry have flocked to Trump`s side in recent months, particularly after his victory in the 5 November presidential elections. Billionaire Elon Musk spent more than USD 100 million on helping Trump get elected. Executives like Meta`s Mark Zuckerberg and Amazon`s Jeff Bezos have donated to Trump`s inaugural committee and made pilgrimages to the incoming president`s private club in Florida.