Meaning of the word "old money" in English

What does "old money" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

old money

US /oʊld ˈmʌn.i/
UK /əʊld ˈmʌn.i/
"old money" picture

Noun

wealth that has been inherited rather than earned, or the people whose families have been rich for many generations

Example:
The neighborhood is filled with old money families who have lived there for a century.
She prefers the understated style of old money over flashy displays of wealth.