In which form of government does a small group of elite people hold political power?

A form of government in which a small group of elite people hold political power is known as an oligarchy. In an oligarchy, power is concentrated in the hands of a few individuals or a small group, often distinguished by nobility, wealth, family ties, corporate, or military control. This small ruling group typically makes decisions for the entire country, often to serve their own interests rather than those of the broader population.