Capital held by hard-up aristocrat (5)
I believe the answer is:
paris
'capital' is the definition.
(capital of France)
'held by hard-up aristocrat' is the wordplay.
'held by' indicates the answer is hidden within the clue.
'PARIS' is hidden within 'hard up aristocrat'.
(Other definitions for paris that I've seen before include "European capital -- Trojan prince" , "City where one may see the Mona Lisa" , "'''I love ... in the springtime'' (Cole Porter) (5)'" , "Arc de Triomphe city" , "French city" .)