After Richie Rich is blamed for a sleigh crash caused by his mischievous cousin, Reggie Van Dough, Richie wishes that he didn't exist. When a wishing machine invented by Professor Keenbean hears Richie's wish, it transports him to an alternate universe where Reggie is the master of the house. As Richie struggles to return home in time to celebrate Christmas, he learns to appreciate his privileged former life.