text: Technically it means rule by the few. \n\nRule by the wealthy has a separate name, plutocracy. \n\nIn an oligarchy the ruling elite are called oligarchs; in a plutocracy the ruling elite are called plutocrats.\n\nEarly modern Venice was more of an oligarchy than a plutocracy. \n\nSome 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.