An oligarchy is a political system where power resides in a small group of individuals or families who control the governance and decision-making processes of a state. This elite group can derive its power from wealth, social status, military control, or political connections, often prioritizing its own interests over those of the broader population. Oligarchies can emerge in various forms, ranging from corporate-dominated governments to those led by political families. The concentration of power in an oligarchy can lead to corruption, inequality, and a lack of political representation for the majority of citizens.