As a form of government, what does oligarchy mean?

Oligarchy refers to a system of government where power resides with a small group of individuals, families, or organizations. This group holds significant authority and influence over decisions affecting the state or organization, often prioritizing their interests over the broader population. The defining characteristic of an oligarchy is that it is not ruled by a single leader or a democratic majority, but rather by a select few who may have a distinct common interest, such as wealth, social status, or political influence. This definition aligns with the concept of oligarchy, distinguishing it from other forms of governance, like democracy (rule by many) or monarchy (rule by one).