Question

The system of government by privileged citizens or the upper class is called:

Answer 1

The system of government by privileged citizens or the upper class is called an "aristocracy," with the leaders in question usually having the most money of anyone in the society as well. 

Answer 2

I believe the answer is: aristocracy

These privileged citizens obtained their positions through blood line rather than their individual efforts, which make a select few of people destined to be nobles without having any accomplishment. This is the type of government that exist in France prior to the French revolution.