Read Plato's Republic, this problem is not new and he theorized the best way to solve the problems. Not much has changed since.

Personally, I would want a constitutional republic with the franchise limited to those who pay more taxes in than they take out in benefits. I understand the appeal of monarchy, but history shows that good kings/emperors are not the best parents.

In the end, you'll get an oligarchy no matter what, I just want my oligarchs to not want to loot the place, but rather farm the place, and have some sort of attachment to the land and people they rule so that in the end, they do what benefits them and everybody simultaneously.