oligarchy

noun3

1. •
   A government run by and for only a few, often the aristocracy, the wealthy, or their friends and associates.

   • Despite the involvement of all classes of society, America's political duopoly and the importance of money to mass-market campaigning has established an oligarchy that is seldom responsive to the citizenry as a whole, when opposed to the wealthy or major interest groups.
2. •
   Those who make up an oligarchic government.

   • The modern British oligarchy—particularly during periods of Tory rule—has been called a chumocracy.
3. •
   A state ruled by such a government.

   • The 1832 Reform Act aimed to transform the British oligarchy and allow Parliament to represent the interests of a broader range of the population.