oligarchy (OLI-gar-kee) noun
A government in which a few people control all power.
[From Greek oligos (few) + archos (ruler).]
"We are dangerously close to creating an oligarchy in this country, whereby we will be governed by a select group of people wearing black robes."
-- Sadie Fields; Candidates' Survey Serves as Helpful Tool; The Atlanta Journal-Constitution (Georgia); Jul 16, 2004.