Joe Biden cautions Americans of oligarchy, but according to a research, the richest person in the world became $1.5 trillion richer during his administration.

Following his recent warning to the public about the dangers of oligarchy, outgoing US President Joe Biden consolidated wealth and increased his wealth by $1.5 trillion during his administration, according to a Fortune report.

According to a Fortune survey, the world's 100 richest people consolidated their wealth and gained $1.5 trillion in fortune under outgoing US President Joe Biden, despite Biden's previous warnings to the public that the nation is heading toward an oligarchy.

According to a Bloomberg article, the top 100 Americans now own a combined fortune of $4 trillion, which is twice the GDP of Spain. Biden criticized this inequality in his parting speech. Additionally, he described the oligarchy as a "threat" to the nation.

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

Elon Musk, Mark Zuckerberg, and Larry Ellison were the top gainers, according to the survey, which followed the Bloomberg Billionaires Index (BBI).

The Richest Person in the World Elon Musk's wealth doubled.
In fact, under Biden, Musk, the CEO of SpaceX and Tesla, saw the majority of his wealth increase. According to Bloomberg estimates, Musk's value more than doubled to $450 billion at the end of his term, from $100 billion in 2020 when Biden was elected.

The stock market boom under Biden, which increased American households' wealth by $36 trillion until September, was especially advantageous to the ultra-wealthy. According to the research, the richest 0.1% of Americans took home a staggering $22.1 trillion of this.

Biden frustrates progressives.
Biden's warning right before he leaves office has angered the Democratic Party's left side, according to an AP story. They have been warning for decades that America is headed into an oligarchy, in which a small number of billionaires control a large portion of the country's wealth and political clout.

Sen. Sheldon Whitehouse, D-R.I., wrote on X, "Now he tells us," mentioning Biden's suggestions for the U.S. Supreme Court as well. Biden advocates for climate action, term limits for the Supreme Court, and opposition to dark money. Four years were pressed for this speech.

Important members of the far-left side of the party, particularly those who are loyal to independent Senator Bernie Sanders of Vermont, were less circumspect in their comments. "He calls out this menace to our country with just days left in his presidency, which is cowardly given that he has served as the oligarchs' representative for 50 years in power. Nina Turner, a national security expert, stated, "(Biden) allowed, profited from, and strengthened the system that threatens us all, while he will ride off into the sunset and not feel the harms of what has been built."