chumocracy

noun1

1. •
   (UK) A form of oligarchy: government characterised by nepotism and the frequent appointment to public office of friends or those of similar social background to those in power.

   • The sums are so vast, the secrecy so shocking, that “chumocracy” doesn’t begin to capture what Britain has become – redolent as we are of banana republics, the Russian oligarchy and failed states. — 2021