text: what is oligarchy?   technically it means rule by the few.   rule by the wealthy has a separate name, plutocracy.   in an oligarchy the ruling elite are called oligarchs; in a plutocracy the ruling elite are called plutocrats.  early modern venice was more of an oligarchy than a plutocracy.   some would say the modern-day united states is more of a plutocracy. (almost all senators and presidents have had net worths well over $1,000,000) becoming an elected representative at the national level does require a relatively large fortune, even with campaign donations.