土豪 [tǔ háo] seems to be a popular Internet slang term in the last couple years. The idea that I get is that it is a rich person who flaunts their money and is somewhat snobbish or spoiled. Is this right? Is there a more concise way to express this?
When I checked Youdao Dictionary it gave "local tyrant" as the definition. Apparently there is more than one meaning. Where does this word come from and how did it get to be a description for a spoiled rich person?