plutodemocracy
/ˌpluːtə(ʊ)dɪˈmɒkrəsi/noun
1Rule or government by formal democratic processes but with only the wealthy having any real power.
2A democratic state in which power lies in fact only with the wealthy.
Origin
Late 19th century; earliest use found in Isaac Funk (1839–1912), publisher and reformer. From pluto- + democracy.