It is a stand-alone sequel to the 1994 film Richie Rich, starring David Gallagher as the title character, replacing Macaulay Culkin.

Martin Mull, Lesley Ann Warren, Keene Curtis and Eugene Levy replace Edward Herrmann, Christine Ebersole, Jonathan Hyde and Mike McShane respectively.

On Christmas Eve, Richie Rich, the world's richest kid, was excited to spend the day with his friends.

He then reminds him about his responsibilities that are due to be executed on Christmas Eve, and instructs him to change his clothes and get ready for tea.

Before going to do so, he visits his home scientist, Professor Keanbean, who shows him his recent invention, a wishing machine which works only on Christmas Eve.

Later, he dresses up like an elf with Cadbury as Santa Claus to distribute Christmas presents to the orphanage.

While getting ready, Cadbury tells Richie about how he was a rock star in his youth days, in a band called Root Canal.

Devastated and believing the whole incident was his fault, Richie goes into Keanbean's laboratory and squats in front of the wishing machine.

Reggie orders policemen to search for Richie, who is falsely called the "dognapper", and also announces a reward for catching him.

Before they get out of the museum, Richie and his friends spot Reggie's parents, who are now working as night guards there.

[2] The Langham Huntington Hotel and Spa, in Pasadena, California, was used for exterior scenes of the sprawling Rich Family Mansion.

The interior lobby and vault of the disused Valuta Bank building, in downtown Los Angeles, was used for the scene in which Richie traps the pursuing Rich security men.