Does it matter much whether we use the term 'ruling class', 'elite', 'the wealthy', 'aristocracy', 'super rich capitalists' or any other term for that matter? We all understand what we're talking about.
If we needed to distinguish between different people at the top I'm sure we'd need to use some more proper terms, but does it matter for the discussion at hand?
It's a conceptual rather than merely terminological issue, I would say. An "aristocracy" is typically concienved of a a formally or informally exclusive caste with a hereditary monopoly on political-economic power, which, at least as far as I can see, has certain implications as to exactly what form criticisms of this monopoly takes, specifically, that it represents a lack of modernity, rather than being- as in the socialist critique- the very embodiment of capitalist modernity. This necessarilly dictates the approach which we take to the issue, and so, yes, is overwhelmingly pertinent to the discussion at hand.
Because the modern aristo is still acting like the classical aristo. Building huge and ostentatious mansions on large estates, lobbying the government for rights and privileges so that their decedents can continue in power and wealth no matter how useless each of them might be. Always fighting for a bigger slice of the pie rather that working for it or trying to grow the pie as a whole.
That seems a fairly superficial comparison, though, because it doesn't take into account the vast differences between the economic form taken by the old aristocracy and the modern capitalist class: the property forms they embody, how they extract value from the process of production, how this value is disposed of, and so on. GeneriCorp and the Compte de Generique may both have engaged in some questionable behaviour, but it does not seem immediately obvious to me that we should criticise the former in the terms of an existing criticism of the latter, rather than constructing a seperate, specific critique that takes into account the distinct- in my view fundamentally so- character of this new class.
Oh and name for me one country which is not ruled by some form of oligarchy for example?
I have a room full of people named "Fred". Find me one of them that is not named "Fred". Can't do it? Good, we've concluded that all people, everywhere, are named "Fred".