Otome Game Sekai wa Mob ni Kibishii Sekai desu (Republic Arc) - Ch. 3

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Nothing about "republic" means it can't have a priviliged ruling class. Historically most what are called republics were in fact those. The Roman Republic had it's power structures occupied entirely by the richest and most powerful citizens and their heirs, and at some points the cirizens were the minority living there anyway. The Greek city states were the same. The Republic of Venice was a classic example of noble houses being said ruling class. There was also Peru in the 20th century. One could say any contemporary country that claims to be democratic, but is in fact under oligarchy rule is the same.
 

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