Crossword Genius

Socialise with top-of-the-range plutocrat (6)

Ross

I believe the answer is:

hobnob

I'm a little stuck... Click here to teach me more about this clue!

'socialise with' is the definition.
(I've seen this before)

'top-of-the-range plutocrat' is the wordplay.
I cannot really see how this works, but
'top' could be 'hob' (I have seen 'Top of stove ' mean 'hob' so perhaps 'top' could also mean 'hob') and 'hob' is found in the answer.
'of' could be 'o' and 'o' is found in the answer.
This may be the basis of clue (or it may be nonsense).

Can you help me to learn more?

(Other definitions for hobnob that I've seen before include "Socialise together, rub elbows with" , "Hang out with people of standing" , "Socialise (especially with posher people)" , "Socialize, rub elbows with" , "Socialise familiarly" .)

I've seen this clue in The Telegraph.
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