American ‘oligarchy’ decried by Biden gained $1.5 trillion in his term

U.S. President Joe Biden delivers his farewell address to the nation from the Oval Office of the White House in Washington on Wednesday. | POOL

by BEN STEVERMAN
Jan 17, 2025

The very richest Americans are among the biggest winners from President Joe Biden’s time in office, despite his farewell address warning of an "oligarchy” and a "tech industrial complex” that threaten U.S. democracy.

The 100 wealthiest Americans got more than $1.5 trillion richer over the last four years, with tech tycoons including Elon Musk, Larry Ellison and Mark Zuckerberg leading the way, according to the Bloomberg Billionaires Index. The top 0.1% gained more than $6 trillion, Federal Reserve estimates through September show.

Biden warned of "a dangerous concentration of power in the hands of a very few ultra wealthy people,” in his speech from the White House on Wednesday. "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.”