When bored American billionaire Charles Vanel is amused by the happiness of poor railroad man Nicolas Koline, he offers him a wager: if Koline and his family can spend 20,000 francs a day (about $11,000 in current American money) for a year, then he'll give him a nice pension. The rest of the movie is about the poor man and his family's efforts to win the bet.

Based on the novel 'Elsker hverandre' by Aage Madelung, the film follows various lives, one of which is Jewish girl Hanne-Liebe, as she grows up, and experiences the pains of living as a Jew in Russia, leading to a revolution.