The Rice University Neologisms Database

The spoiled offspring of very successful and wealthy parents who do nothing other than spend money on trivial things The term junior comes directly from the original word junior and its meaning of being the son with the father's name or just the offspring. The word is under a different word formation process because it has undergone pejoration from the original meaning. In context today, using the word junior is insulting because it implies that the individual has not done anything for himself/herself and spend all of his/her time just spending their parents money. They are often depicted as frivolous and careless and highly superficial. I believe that the word junior was kept in achieving this new meaning as opposed to creating a new word because junior already invokes feelings of a little clone of one's parents which makes their image even more realistic as spoiled little rich kids. Obviously, the word is associated with the non-elite classes (or at least not the most elite) because it mocks those adolescents belonging to that social group.