Oligarchy is the rule of the few. power in the hands of a few people with a lot of money. The word oligarchy is defined as a small group of people having control of a country, or institution. An example would be A government that controls a state or group of people.Rule by a wealthy elite. The definition of oligarchy is having a small group of people who control an organization or a country.ower in the hands of a few people with a lot of money. The word oligarchy is defined as a small group of people having control of a country, or institution.