Plutonomy

Citigroup analysts have also used the word plutonomy to describe economies “where economic growth is powered by and largely consumed by the wealthy few.”[4] In three reports for super-rich Citigroup clients published in 2005 and 2006, a team of Citigroup analysts elaborated on their thesis that the share of the very rich in national income of plutonomies had become so large that what is going on in these economies and in their relation with other economies cannot be properly understood any more with reference to the average consumer: “The rich are so rich that their behavior – be it negative savings, or just very low consumption of oil as a % of their income – overwhelms that of the ‘average’ consumer.”[5]

Wikipedia, 31.12.2019

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