President Joe Biden warned the US of the dangers of oligarchy in his final Oval Office speech. Oligarchy is a power structure in which a small number of people hold power. It has been seen throughout history and still exists in contemporary political arenas. Oligarchies use wealth, social standing, military power, and the perversion of political structures to retain power. They can widen inequality and damage democratic principles. Various political analysts say that oligarchic political systems have been observed in different forms worldwide.