Not open to negative feedback. Any conversation about this is going to blow up. Some people have tried and failed. Some have quit.
The only way to not have conflict about this is to leave and say nothing. If you think he won't allow you to leave at all without conflict, then you might as well choose the conflict with the better possible rewards.
You shouldn't let things continue. But whether or not you're going to attempt to point out the problem is up to you.