noun (slightly derogatory)
a person whose power derives from their wealth, as in “If only the plutocrats can afford to run for public office, are we still a democracy?”
Similar: rich person, capitalist, tycoon, magnate, nabob, billionaire
So three-time New York City mayor Mike Bloomberg (77, net worth US $58 billion) is joining the Democratic field as a moderate candidate for President 2020. Umm. He’s late, and the race is still crowded. And do Democrats want or need a plutocrat to join the race for the Democratic nominee for President? I think not. In so many ways, America is already a plutocracy (run by rich companies and rich people, that have wa-ay too much power).
There’s another problem. Here is what Matt Yglesias of explain-the-news website Vox says:
‘The key is that in recent years, moderates who’ve successfully fended off the left wing of the Democratic Party have done so with the support of black and Latino voters, who tend to be more moderate on the whole than white Democrats. But Bloomberg’s specific political career gives him little access to this constituency and thus little hope of securing the nomination’.