The term for a society governed by a few powerful individuals is "oligarchy." In an oligarchic system, power is concentrated in the hands of a small group, often wealthy elites or influential families. This small ruling class makes decisions that can significantly impact society, often prioritizing their interests over the general population. Oligarchies can manifest in various forms, including political, economic, or military contexts. The concentration of power in such an arrangement can lead to social inequality, lack of political representation, and limited accountability for those in power, spawning debates regarding governance and democracy.