This article claims that monarchy is not dictatorship in that there are limits on a monarch's powers. "Monarchy is the vestment of State power in one person. Monarchs are usually known as kings or queens. This is distinguished from a dictatorship, however, in that there are limits on the ruler's powers, whether this be due to tradition, a body of nobles who have some claims on the monarchy (as in much of feudal Europe), or a parliament to which the monarch is actually subservient (as in modern European constitutional monarchies)."
However, that ignores absolute monarchy, which exists for example in Saudi Arabia. Even a prime minister under a representative democracy fits the definition of monarchy provided above.
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