Usually it is said to describe white rich kids who get anything they want without asking twice.
Often, it can be interchanged with douchebaggery .
It means practically the same thing, except it's slightly more derogatory.
Frank: "Yeah. There's no need to be so full of needledickery."
Princeton: "Shut the fuck up! I'm not full of needledickery or whatever the hell you're saying."
Carmen: "Uhh. Yeah. You're up to your eyes in neeedledickery".
Princeton: (throws up on Carmen's shoes)
Carmen: "Eww. That's so gross!"
Frank: (To Princeton) "You still think you're not full of needledickery?"