Man asks job to a millionaire, who has flashback on being bullied

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Hello! This is my first post here. I had already posted this on Reddit/tipOfMyTongue, but nobody could find an answer.

I saw it on Brazilian cable TV on the 2010s. It was a good movie, I think.

According to what I remember about the image and sound, it was not from the 21st century. But it was a colour movie, so I'd assign it to the wide range of second half of the 20th century. Judging by the clothing, 1970s to 1990s.

The lead character is a very wealthy and powerful man (my mom thinks he was a filmmaker, I do not think so). In flashbacks, we learn that the protagonist was very poor when he was a child. He also belongs to an ethnic minority (my mother thinks he was Jewish. My brother thinks he was an Italian immigrant in USA. It was a white ethnic minority).

We remember one scene particularly well. When he was a poor child, he is invited to a birthday party by a rich kid from his school. The protagonist's family gets very excited and honoured by the invitation, and they spend a long time preparing a traditional dessert. They also buy special clothes for the protagonist (I'd say they are clothes from the 1940s or 1950s). In the party, the birthday boy's mother despises the traditional dessert and serves it to her servants instead of her guests. The protagonist is bullied by the kids at the party, specially because of his socks. Then, he runs away from the bullies and enter in the kitchen, then he sees the servants eating the dish and gets very sad.

Back to the present day (possibly the 1980s?), this bully/birthday boy is under financial difficulties. He visits the protagonist, which is now rich. I do not remember whether the protagonist gives the ex-bully a job or not.

Basically, we remember the whole movie, but not its name. Thank you in advance!!!