Is Democracy outdated in its current format across the world?

[skysthelimit]

1. Now that I think of it, Singapore is another example of a competent semi-dictatorship, but in the main dictatorship pretty much invariably results in corruption, bad government and oppression, as those in power are not held acccountable by the populace.

Agreed, and so was South Korea till 1990s.

3.
A) I don't think someone's parentage is a valid justification of power.

As if things are any different with democracy - google "Rahul Gandhi" if you disagree.
With an actual monarch, you at least get somebody who has to abide by the conventions and traditions of "royalty" - that usually has a sobering effect on most.

B) That sounds an awful lot like the British electoral system prior to the 1920s, which enshrined in law the idea that the views of some are worth more than others and resulted in governments fairly oblivious to the condition of the lower classes.

To make this work you will have to carefully define the boundaries of suffrage - for example I suggested an upper income limit to keep out the very rich - and not just define it based on property ownership.