We have heard the words “oligarchy” and “oligarchs” recently as we watched, heard, or read the news about Russia’s terrible invasion of Ukraine. While Russia was tearing apart the country of Ukraine, the oligarchs of that nation were trying to shield their money and possessions from sanctions.

Oligarchy literally means “rule by the few.” An oligarch is someone who has enough money or power to have significant influence over a government. It is reported that Russia has about 35 oligarchs. Vladimir Putin himself is an oligarch. Many oligarchs are part of the 1 percent of the wealthiest people in the world. They have power and money.