You have that wrong, you have confused oligarchy with plutocracy.

Plutocracy is a society that is ruled or controlled by people of great wealth or income.

Oligarchy, government by the few, especially despotic power exercised by a small and privileged group for corrupt or selfish purposes.

A plutocracy means the rule by the wealthy while oligarchy means the rule by a few.

Most likely we live in a plutocracy. There are too many rich that are pulling on the string puppets to be oligarchs.

A plutocrat is someone who is part of the ruling group which has been defined by their wealth.

An oligarch is part of the ruling group that is small in numbers and can also have been defined by their wealth but not necessarily.

In daily use, however, oligarchs are usually referring to rich individuals who use their wealth to influence politics. I think the term was popularized after the Soviet Union collapsed and many people seized/gained the state-owned assets and became known as the oligarchs.

Maybe we need to call it a plutocratic oligarchy. We are currently ruled by neo-liberal conservative plutocratic oligarchic elites.

Forgive me for being nit picky

TEK