Constitutional theory defines a timocracy as either

  • a state where only property owners may participate in government, or
  • a government in which love of honor is the ruling principle.

The more extreme forms of timocracy, where power derives from wealth rather than honor, may shift in their form and become a plutocracy where the wealthy and powerful use their power to entrench their wealth.

Read more about Timocracy:  Etymology, Timocracy and Property, Timocracy and Honor