timocracy
/tɪˈmɑkrəsi/
noun
- A form of government in which political power is based on wealth or property ownership.
- In a timocracy, the richest citizens often have the most say in how the country is run.
- Plato described timocracy as a system where rulers are chosen based on their property and ambition.
- The ancient Greek city-state of Sparta is sometimes considered a timocracy because of its focus on military honor and land ownership.