Sugar Daddy/Sugar Mummy – A rich older man/woman who lavishes gifts on a young woman/man in return for her/his company or sexual favours
Note: In the US., sugar "mommy" may be preferred.
He lavished sugar-coated gifts on her, but he wasn't her daddy (sugar daddy) - he wanted something from her in return.
She lavished sugar-coated gifts on him, but she wasn't his mummy (sugar mummy) - she wanted something from him in return.
Note: Or course, there are also gay sugar daddies/sugar mummies, in which case the older man would be giving gifts to a younger man, and the older woman to a younger woman.
Examples of sugar daddy/sugar mummy in a sentence
Her sugar daddy was only 12 years older than her, but he had almost infinite money to spoil her with.
The elderly woman had no intention of becoming a sugar mummy before winning the lottery, but when she spotted the young man across the room, she knew precisely what she wanted to do with her winnings.
People were quick to judge the young woman and her sugar daddy, but despite their vast age difference, she genuinely loved him.