What is a good English translation of 土豪? 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?
nouveau riche
The Free Dictionary:

One who has recently become rich, especially one who flaunts newly acquired wealth.




(often plural) a person who has acquired wealth recently and is regarded as vulgarly ostentatious or lacking in social graces

adj

of or characteristic of the nouveaux riches


I believe 土豪 originates from 土豪金, but I could be wrong. I'll update later.