They all live in gated communities, go to private schools, and shop in chain stores and shopping malls.
The children tend to have a fetish with lower class culture, but the older ones are conservative and hypocritical.
It is not a term of endearment, but one of derision.
It has its origin in the port-manteau of "guaynabito" and "bicho" (which in Puerto Rico means "dick").
"Guaynabicha" is the female equivalent.
"Only a guaynabicho would get mad that they have kiddie pools in the housing proyects - after all he has a swimming pool in his home and his beach house."