The flamboyant British billionaire who has promised to strip to his g-string if his horse wins the Melbourne Cup has enjoyed the annual parade, with his clothes on.

Dr Marwan Koukash is very confident his horse Magic Circle will win the Cup and just as determined to follow through on his promise to celebrate the win in a way no owner has before.

Dr Koukash loved participating in the annual Melbourne Cup parade on Monday.

“It's fantastic, a fantastic experience,” he said.

“You'd have to be an absolute miserable bastard not to enjoy it.

“I've been enjoying every minute of being in Melbourne.”

Thousands of people lined Swanston Street for the parade.

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