French billionaire Jean-Marc Clement is notorious for his lust for money and beautiful women. Clement has settled in New York City, where one day at Clement company headquarters, Howard Coffman, an employee in the public relations department, becomes alarmed when he reads an article in Variety announcing that his boss is to be lampooned in an off-Broadway theatrical revue. Eager to render his boss a sympathetic character, Coffman suggests that Clement attend the rehearsal at The Circle in the Round Theater to demonstrate his sense of humor. At the theater, Clement is smitten when Amanda Dell, the troupe's female singer and dancer, slinks down a pole clad only in a sweater and tights, and then whips off her sweater and throws it in his face. When the show's director mistakes Clement for a fledgling actor who has come to audition for the part of the billionaire, Clement, hoping to get closer to Amanda, hits upon the idea of posing as Alexander Dumas, a struggling performer. His ploy works as Amanda coaches him on how to play the pompous billionaire, whom she holds in contempt as a "rich louse." When a call is put out for fresh jokes, Clement decides to impress his fellow thespians by presenting some new material. Coffman commissions comedy writer Charlie Lamont to pen some jokes, but the plan backfires when Oliver Burton, the company's producer, asks Lamont to judge the comedy material and he accuses Clement of stealing his joke. After Clement protests that he bought the joke from a stranger at Lindy's, Amanda comes to his defense by testifying that she witnessed the transaction. Touched by Amanda's act of kindness, Clement tells her that his day job is selling fake jewelry and shows her a genuine diamond bracelet that he has bought for one of his paramours, offering to sell it to her for five dollars. When Amanda buys the bracelet, Lily Nyles, another performer in the troupe, asks to buy one for her sick mother and Amanda graciously offers to sell hers. After Amanda leaves, Clement tells Lily, who made the mother story up, that the bracelet has been treated with radioactivity to make it shine, and she throws it back at him. One day, Abe Miller, the manager of The Theater in the Round, receives a notice requiring the company to pay one year's rent in advance. When Coffman traces the ownership of the theater to Clement Enterprises, he angrily accuses Clement of betraying the troupe. Realizing that the unreasonable demand is the handiwork of his aide-de-camp, George Wales, Clement arranges for Wales to pose as George Welch, a retired merchant, who offers to finance the entire production for fifty-one percent control. When Wales urges Clement to reveal his true identity to Amanda, Clement refuses, fearful that she will no longer relate to him as a person but rather as a power-wielding billionaire. To improve his woeful acting skills, Clement hires Milton Berle to coach him in the art of comedy. After several resounding failures, Berle manages to teach Clement a funny pantomime about a subway rider. Asked to assess the troupe's performance, Berle sits in on Clement's pantomime and cheers him on. Impressed, Burton offers to sign Clement for the run of the play, but when Clement demands a fifty-dollar raise for both him and Amanda, Burton fires him but is overruled by Wales. Aware that Amanda is dating Tony Danton, the show's star, Clement fantasizes about taking Danton's place in the love sequence he performs with Amanda. To accomplish this, Clement hires Bing Crosby to teach him to sing and Gene Kelly to coach him in dance. Clement then woodenly sings the new song with Amanda, which ends in a heartfelt embrace. When Danton, a recovering alcoholic, begins to drink again in fear of losing his role to Clement, Amanda decides to go out to dinner with Clement and delay him, thus allowing Danton an opportunity to perform the tune for Wales. Over dinner, Clement confesses his love to Amanda and proposes to her. When he finally reveals his true identity, Amanda thinks that he is deluded, identifying with his part in the play, and flees in fright. To convince Amanda of his identity, Clement instructs Wales to file an injunction in Clement's name to close the show for an invasion of privacy. After Clement suggests to Amanda that she charm the womanizing billionaire into allowing the show to go on, they all troop to the Clement building. When Amanda asks to see Clement, his dumbfounded secretary ushers them into an empty office. Taking a seat behind the desk, Clement summons his staff to take dictation. Finally realizing that Clement was telling the truth, Amanda becomes angry and runs into the elevator, pushing the down button. While broadcasting endearments over the intercom, Clement recalls the elevator to the top floor and after joining Amanda in the car, they embrace.