At Budapest's venerable Palaffi Bank, Count Willie Palaffi is warned by his advisor, Herman "Whiskers" Rothbart, that the institution's largest depositors are tired of Willie's playboy lifestyle and inattention to business, and may start a run on the bank. Marika Szabo, Willie's secretary and one of his many girl friends, tells Herman that Willie is throwing a big costume party for his birthday the following week, and Herman insists that Anna Zador, a winsome young typist in the bank, be invited. At Willie's lavish party, the glamorous guests laugh when Anna arrives in a cheaply constructed angel costume. After a brief dance with Anna, whom he had never noticed during her six years with the bank, Willie sneaks upstairs to his study. Herman scolds Willie for being unmarried and advises him to find a virtuous woman. When Herman leaves, Willie dozes on the couch and has a dream: A real angel, Briggitta, appears in the room and tells Willie she has come from heaven to marry him. Literally walking on air, Willie and Briggitta go to Paris and are married. At Willie's Paris home, Briggitta announces her intention to return to heaven for the night, but Willie's kiss changes her mind. In the morning, Briggitta awakens to discover that she has lost her wings. Willie takes her shopping, and Briggitta offends the couturiers by refusing to wear anything with feathers or fur, but when Willie explains that she is really an angel, they hasten to assemble a suitable wardrobe. They then attend a harp concert, where they are interrupted by Willie's colleague Peter, who says that the bank's stockholders were alarmed by his elopement and have ordered an investigation of his new bride. Willie calls Herman and instructs him to arrange a banquet in Budapest to introduce Briggitta to the important depositors, such as the wealthy Baron Szigethy. At the banquet, Willie presents Briggitta, accompanied by a retinue of his former girl friends, who now live with them. Unfortunately, the ingenuous Briggitta inadvertently insults the guests with her honesty, and the evening erupts into chaos when she changes the seating arrangements at dinner to reflect her guests's secret alliances. When Briggitta innocently allows the baron to kiss her, Willie strikes him, and the baron vengefully calls a board meeting for the following morning. Later that night, Willie upbraids Briggitta for her honesty and walks out, saying he never wants to hear anything but lies. Hurt by Willie's rejection but willing to do anything to save his bank, Briggitta turns to Willie's old friend Peggy, who advises her in the art of deceit. Later, at a nightclub, Briggitta shows up on the baron's arm, dressed in black and lying to all the people she insulted before with world-weary sophistication. Willie is shocked by his wife's transformation, but the baron says he has made Briggitta his business partner and assures Willie that his bank is safe. Willie's dream becomes increasingly surreal as he sees Briggitta before him, singing in a number of exotic locations. Just then, Willie awakens as Herman, Peggy and Peter enter the room. Inspired by his dream, Willie announces that he has fallen in love, and he returns to the party and promptly proposes to Anna.