Crossword Genius

Led by the affluent, planet devastated parts of the Arctic (11)

Ross

I believe the answer is:

plutocratic

I'm a little stuck... Click here to teach me more about this clue!

'led by the affluent planet devastated' is the definition.
I can't tell whether this definition defines the answer.

'parts of the arctic' is the wordplay.
'parts' becomes 'pluto' (I can't explain this - if you can you should believe this answer much more).
'of' is an anagram indicator (the answer comes from or 'of' the letters).
'arctic' with letters rearranged gives 'cratic'.
'pluto'+'cratic'='PLUTOCRATIC'

Can you help me to learn more?

(Other definitions for plutocratic that I've seen before include "Powerful and wealthy" , "Like a fat cat" , "Relating to rule by the rich" , "using money for power-tool" , "With power deriving from wealth" .)

I've seen this clue in the Sydney Morning Herald.
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