What characteristic has to be present for a government to be an oligarchy?

Oligarchy comes from the Greek meaning the rule of the few, and it's often used as a pejorative way of alluding to aristocracy; to consider a government as oligarchy the power of a nation or country must be held by a small group, or few privileged people, and usually the way of governing is despotic, unjust and exercised by incompetent rulers instead of the best and most suitable people.

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