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Fascinatingly, "well-hung" is a far older expression.
well (adv.) - "in a satisfactory manner," O.E. wel, from the same Gmc. source as O.E. willan "to wish" (see will (2)), from PIE *wel-, *wol-. Also used as an interjection and an expression of surprise in O.E. Well-done "thoroughly cooked" is attested from 1747; well-nigh is O.E. wel neah. Wellaway is M.E. alteration of O.E. wa la wa, from wa "woe." Well-done (of meat) is first attested 1846; well-known is from 1470; well-hung in male genital sense is from 1611; well off in the sense of "comfortable" is from 1733; well-to-do in this meaning is from 1825; well-heeled is from 1897 (see heel (n.)).
You'd think I'd have something better to do on a Friday night...
Been used as a descriptive for studs (*sigh* the HORSE variety!) for however long horses have been domesticated probably....
In the history of the slave trade, it was also used in the same manner re male slaves of breeding age. Sad but true.
Shak - in the US, "well-to-do" is a quasi-polite euphemism for "new money" generally. "New money" in the 19th century in the US equated to people who weren't Rockefellers, DuPonts, et al. In other words, speculators in the bright new world of America and Americans.
Today, "well-to-do" is simply a term used by the media (generally and more-so than "normal folks" would do) about those whose income and bank accounts are nowhere close to approaching whatshisface (the guy with the towers and bad hair), but are still far far more than the local small-business owner down the street....
Also, my feeling is that the IRS is likely to look upon the "well-to-do" as a particularly ripe plum.... but that's only heresy, y'know?
[There - 'nuff topicality even for a Foo thread?]