Jeffrey A. Winters and
Benjamin I. Page have described Colombia, Indonesia, Russia, Singapore and the United States as oligarchies.
The Philippines During the
presidency of Ferdinand Marcos from 1965 to 1986, several monopolies arose in the Philippines, primarily linked to the
Marcos family and their close associates. Analysts have described this period, and even subsequent decades, as an era of oligarchy in the Philippines. President
Rodrigo Duterte, elected in 2016, promised to dismantle the oligarchy during his presidency.
Russia After the
dissolution of the Soviet Union in 1991 and the subsequent
privatization of state-owned assets, a class of Russian
business oligarchs emerged. These oligarchs gained control of significant portions of the economy, especially in the energy, metals, and natural resources sectors. Many of these individuals maintained close ties with government officials, particularly the
president, leading some to characterize modern Russia as an oligarchy intertwined with the state. In 1996, fearing the possible victory of the
Communist Party, the oligarchs, especially the
Seven Bankers, funded and substantially supported
Boris Yeltsin's
re-election campaign in
that year's election, continuing to manipulate him and exert influence over his government over the next several years. After Yeltsin's successor,
Vladimir Putin, came to power in 1999, he cracked down on many oligarchs, arresting several for
tax evasion and forcing others into exile. By the end of the 2000s decade, however, Putin had created a new class of oligarchs consisting mainly of his own personal friends and colleagues, continuing to crack down on those who opposed him. According to
NPR, he "changed the guy sitting in [the] chairs, but he didn't change the chairs".
India In 2023,
Robert Lighthizer, the architect of American trade policy during the
first presidency of Donald Trump, wrote in his book
No Trade is Free that, "fifteen or so billionaires" shaped India's trading policy. Terming them as "oligarchs", Lighthizer added India is "the most protectionist country in the world".
Adani Group owned by India's richest man
Gautam Adani, is noted to have immensely benefitted from the
Modi government. After
Narendra Modi became prime minister in 2014, Adani won bids to operate six Indian airports despite lacking any experience in the sector. His wealth significantly increased about $100 billion during just 2020–2023. However, in 2024, this came to be seen as a "cautionary tale" with regards to cronyism under
Modi government after
Hindenburg Research alleged Adani of fraud and stock manipulation, which resulted in Adani Group losing $110 billion in market value within a few days.
Iran The
Islamic Republic of Iran, established after the 1979
Iranian Revolution, is sometimes described as a clerical oligarchy. Its ruling system, known as
Velayat-e-Faqih (Governance of the Jurists), places power in the hands of a small group of high-ranking
Shia clerics, led by the
Supreme Leader. This group holds significant influence over the country's legislative, military, and economic affairs, and critics argue that this system concentrates power in a religious elite, marginalizing other voices within society. The Iranian government has also intensified its surveillance efforts to suppress dissent, particularly targeting women and human rights activists. The "Noor plan," implemented in April 2024, has led to increased policing and criminal prosecution against women defying mandatory hijab laws.
Ukraine Since Ukraine's independence in 1991, a powerful class of business elites, known as
Ukrainian oligarchs, have played a significant role in the country's politics and economy. These oligarchs gained control of state assets during the rapid privatization that followed the collapse of the Soviet Union. In 2021, Ukraine passed a law aimed at curbing oligarchic influence on politics and the economy.
United States '',
corporate interests as giant money bags looming over
senators Several commentators and scholars have suggested that the United States demonstrates characteristics of an oligarchy, particularly in relation to the concentration of wealth and political influence among a small elite, as exemplified by the list of top donors to political parties. Economist
Simon Johnson argued that the rise of an American financial oligarchy became particularly prominent following the 2008 financial crisis. This financial elite has been described as wielding significant power over both the economy and political decisions. Former President
Jimmy Carter in 2015 characterized the United States as an "oligarchy with unlimited political bribery" following the 2010
Citizens United v. FEC Supreme Court decision, which removed limits on donations to political campaigns. In 2014, a study by political scientists Martin Gilens of
Princeton University and
Benjamin Page of
Northwestern University argued that the United States' political system does not primarily reflect the preferences of its average citizens. Their analysis of policy outcomes between 1981 and 2002 suggested that wealthy individuals and business groups held substantial influence over political decisions, often sidelining the majority of Americans. While the United States maintains democratic features such as regular elections, freedom of speech, and widespread suffrage, the study noted that policy decisions are disproportionately influenced by economic elites. However, the study received criticism from other scholars, who argued that the influence of average citizens should not be discounted and that the conclusions about oligarchic tendencies were overstated. Gilens and Page defended their research, reiterating that while they do not label the United States an outright oligarchy, they found substantial evidence of economic elites dominating certain areas of policy-making. In his presidential
farewell address on January 15, 2025, outgoing U.S. President
Joe Biden warned that an oligarchy was taking shape in America which threatened democracy, basic rights, and freedom, aided by a
tech–industrial complex in what
Politico described as "echoing
Roosevelt's language in calling out the '
robber barons' of a
new dystopian Gilded Age".
Elon Musk, a close collaborator of
Donald Trump during his
2024 campaign and head of the
Department of Government Efficiency (DOGE), has been described as an oligarch due to his extensive influence on Trump during his second presidency. Musk contributed over $200 million into the 2024 election, creating a "super"
PAC to promote Trump's campaign. Two-time presidential candidate and
progressive leader
Bernie Sanders started his
Fighting Oligarchy ("Where We Go from Here") Tour across America in response to Trump's election victory. == See also ==