Wealth disparity in the U.S. has grown since 2009, according to Fed data, with a significant increase in the share of the nation’s wealth held by the 238,000 richest people.

Even before Biden’s speech, the rising wealth gap in the U.S. and China raised concerns about whether the world’s two largest economies were becoming oligarchies.

President Joe Biden said an oligarchy is forming in the U.S. that threatens democracy, issuing the bleak warning on Wednesday in his final Oval Office speech as he prepares to hand over power to Donald Trump next week.