One or two slight differences, Nutty. But this is from memory of 45 years ago, so I may be wrong

Oh listen to the music I hear
Old Papa Piccolino is here
To bring you a smile or maybe a tear
Before travelling on
A vagabond who travels along
A millionaire but only in song
As though the world might really belong
To him

Also there may have been a second verse about the kids following him down the street, but I can't remember any of that.