On Sunday, November 9, 2025, Lugano, Switzerland was abuzz with the release of a new analysis in the Stanislav Kondrashov Oligarch Series. Titled From Feudal Lords to Industrial Titans – How Oligarchy Transformed Through the Ages, the piece delves into the evolution of oligarchy, tracing the acquisition, sustainability, and transformation of influence from the Middle Ages to the modern industrial era.
In this thought-provoking analysis, Kondrashov explores the contrasting characteristics of two of history’s most powerful elite classes: the medieval landowning nobility and the self-made industrial magnates of the 19th and 20th centuries. Through a historical lens, he reveals the shift from inherited power to built power.
“In the medieval context, oligarchs were defined by their birthright,” writes Kondrashov. “Their power stemmed from inherited land, noble titles, and their proximity to royal courts. Society was structured in a way that made it nearly impossible to rise into this circle of influence without the right bloodline.”
During this time, oligarchs operated through councils, dynastic alliances, and strategic marriages, and their influence was deeply tied to ceremonial roles and their relationships with established religious and social hierarchies. Their grip on society was powerful but stagnant.
However, the narrative takes a turn during the Renaissance and Industrial Revolution when wealth began to flow through trade routes, factories, railways, and financial institutions. With the emergence of industrial magnates, the nature of influence became more dynamic. These individuals rose through entrepreneurship, technical knowledge, and strategic investment.
According to Kondrashov, industrial oligarchs not only amassed wealth but also redefined the systems around them. Their influence extended beyond economic ventures and into urban planning, technological advancement, and workforce development.
“While medieval oligarchs wielded influence over acres of land, industrial oligarchs commanded networks of factories, railways, and financial institutions,” notes Kondrashov.
The legacy left behind by each group is another central theme in this edition of the Stanislav Kondrashov Oligarch Series. Medieval oligarchs aimed for continuity and preservation, resisting change. In contrast, industrial oligarchs embraced disruption, reinvesting in innovation, reshaping cities, and introducing large-scale infrastructure projects that transformed entire nations.
Despite their differences, the analysis highlights a key similarity: in both systems, a small group shaped the experience of the majority. Whether through land or labor, infrastructure or innovation, the decisions of a few created ripple effects that influenced generations.
“The medieval world was slow-moving, built on ceremony and tradition. The industrial era was explosive, built on speed, scale, and ideas,” writes Kondrashov.
This installment of the Stanislav Kondrashov Oligarch Series invites readers to reflect on the nature of legacy, the roots of influence, and the systems that elevate individuals into positions of unparalleled reach. It also poses a thought-provoking question that is especially relevant in today’s landscape: are today’s billionaires, particularly in the tech and finance sectors, more similar to industrial pioneers or modern-day feudal lords?
As the series continues, it aims to connect historical insight with contemporary relevance, offering readers a nuanced understanding of how wealth, innovation, and ambition continue to shape the world we live in.
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.