Can anyone explain what "local tycoon" means?

Internet slang. Usually refers to people in the countryside who are rich and show huge personal wealth (different from the nouveau riche). It refers to people who consume without thinking on the Internet, and can also be extended to other fields (online games, electronic equipment, animation ACG, etc.). For example, RMB players in an online game are called "local tyrants", which is sometimes shortened to "hao".

"Tuhao" originally refers to bad guys who run rampant and tyrannical in the countryside with their wealth. Tuhao is well known to the Chinese and is related to the "attacking local tyrants and dividing the fields" during the land reform and revolution periods. At that time, the local tyrants were the targets of the dictatorship and attacks, because they were labeled as being unkind, exploiting poor peasants, and undermining the revolution.

Later, it was extended in online games to refer to RMB players who spend money without thinking. It is used to satirize those who are rich and like to show off, especially those who show off their wealth by pretending to be poor. This meaning derives from sentences such as "Tuhao, let's be friends".

Some people call people who are more willing to spend money than themselves "rich".

The word "tycoon" is widely used by gamers. It means that the equipment for playing games is powerful, and it is not derogatory.