If the current path toward A(G/S)I continues, most of the technology will be owned by a small number of companies (and thus people) such as OpenAI and Anthropic. Their control could initially be economic, since they control the technologies which would conceivably replace much of human labor. It doesn't seem like a stretch to think that economic control could be extended to the political domain. Seems like an oligarchy to me.
Well yes, I'm speculating about the future. Given that, I have sketched a scenario in which a small number of people control a country or an industry, even if ASI can be controlled. If you disagree with the reasoning, I'd be interested to hear why. If not, I don't think any further discussion of my use of the term "oligarch" is going to be productive.