When stuck-up commodities broker Louis Winthorpe III (Dan Aykroyd) has con man Billy Ray Valentine (Eddie Murphy) wrongly arrested for stealing his briefcase, the incident is witnessed by the super-rich Duke brothers (Ralph Bellamy and Don Ameche). As the brothers debate whether environment or heredity matters more in terms of success, a tempting wager emerges. They will arrange for Winthorpe to be stripped of everything - his job, his home and even his butler - and give it to Valentine, to see who better adjusts to their new life.