squattocracy

noun
squat·toc·ra·cy | \skwätˈäkrəsē\
plural -es

Definition of squattocracy 

: the wealthy and influential owners of sheep ranches in Australia were dependent upon the emerging squattocracy and the more highly paid government officials— Bernard Smith

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History and Etymology for squattocracy

squat entry 1 + -o- + -cracy

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