The Millionaire Kid is young Tommy Neville whose wealthy parents, Thomas and Gloria Neville are preparing to fight it out in divorce court.Tommy runs away from home. The private detective assigned to watch him tells Mrs. Neville he has been kidnapped. She immediately suspects her husband. Meanwhile, Tommy is selling newspapers in another city. He is attacked by a bully, and is rescued by gangster Terry Mallon and his daughter Kitty. Unaware of his identity, they take him to their beach home. Reporter Breezy Benson is sent to interview Mrs. Neville about the divorce, and is fired when she won't talk to him. He meets Kitty at the beach and is intrigued by her. He meets her father, who is curious but not suspicious as news of the alleged kidnapping has not been reported.