Is “man with the monocle” an established idiom or just a figurative expression?

I saw the phrase “the man with the monocle” in the following sentence of the article titled “Five myths about millionaires,” appearing in Washington Post September 24th issue:

“This past week, President Obama tried to sell his new “millionaires’ tax” to the Rust Belt. But who are the millionaires Obama is talking about? And will a tax on them help the economy? Let’s examine a few presumptions about the man with the monocle on the Monopoly board.”

The last line revived my vague memory that the chairman of a New York private bank and murderous villain, Bryce Fenston in Jeffery Archer’s mystery, “False Impression” used to wear a monocle.

I checked “man with the monocle” on Cambridge, Merriam-Webster, and Oxford Advanced Learner’s Dictionary, none of which registers “man with the monocle” as an idiom associated with “monocle,” but Wikipedia provides explanation of “monocle” as:

During the late 19th and early 20th centuries, the monocle was generally associated with wealthy upper-class men. Combined with a morning coat and a top-hat, the monocle completed the costume of the stereotypical 1890s capitalist.

From Wikipedia, I understand “man with the monocle” means “wealthy upper-class man.” However, is “man with the monocle” an idiom or just a figurative expression?

If I used “man with the monocle” in colloquial conversation instead of “wealthy man,” does it sound odd or pedantic?

The phrase is not just "the man with the monocle", it is "the man with the monocle on the Monopoly board". The writer is referring to the mascot of the board game Monopoly, who has been officially known at times as "Mr Monopoly" or Rich Uncle Pennybags. This figure is well known and is associated with money and greed.

The funny thing is that I can't find a picture or reference to him wearing a monocle. It seems like he should do, but looking at google images and wikipedia he only seems to wear tails, a top hat, and carry a cane. So either the author made a mistake by giving him a monocle, or he did have one at some time in the last 70-odd years, and has now lost it.

I could understand the meaning of the phrase "the man with the monocle on the Monopoly board", but you would be safer (although less alliterative) saying "the man with the top hat on the Monopoly board".

It's an allusion rather than an idiom and I would say it was best avoided. Many people won't immediately grasp what it means.

• it is a reasonably understood cultural reference.
• that is not a set phrase/idiom. Any kind of phrase involving wearing a monocle would invoke the association.