What is Oligarchy definition?

Oligarchy is a form of governance in which power resides in the hands of a small, elite group of individuals or families, often distinguished by wealth, education, or social status. This ruling group makes decisions that affect the larger population, often prioritizing their own interests over the common good. Oligarchies can manifest in various forms, including political, economic, or social structures, and can coexist with other political systems, such as democracy.