What is a Plutocracy?

Read this article about what is a plutocracy and see if it also fits Singapore.
http://www.whatdoesitmean.com/index1417.htm

Where America now stands she has stood many times before where the forces pitting its citizens against its moneyed elite have clashed in titanic battles that defined what that country was all about; either aPlutocracy giving all political control of the state over to an oligarchy of the wealthy, or a Republic giving supreme control over the government to its citizens.

Song: Born again America
Does the sentiment of this song also apply to Singaporeans?