Biden’s use of the word “oligarchy” was no accident — it’s a direct reference to the form of government in Russia, whose leader Trump has long spoken warmly about.

Is he on target with that criticism, and also what is an oligarchy? Here’s what to know. Oligarchs are a subset of the very, very wealthy Being rich doesn’t necessarily make you an oligarch. An oligarch is someone who influences politics outside the formal system,

"Today, an oligarchy is taking shape in America of extreme wealth, power, and influence that literally threatens our entire democracy," the president said.

President Joe Biden in his Wednesday farewell speech to the nation warned that American democracy was sliding into an “oligarchy” of tech billionaires