A form of government in which only a privileged few have the power is called oligarchy.
Explanation:
Oligarchy is a political concept that refers to the domination of a few, that is, a few people rule by having access to capital or inherited title. Informally, the term oligarchy can generally refer to a limited group of large powers, often in a political system with or without formal democratic elements.
Oligarchs sometimes rule in formally democratic systems where dominant politicians constitute a small elite that regains its parliamentary influence by controlling economic key resources and extensive personal networks.
