In the buff, hugging a plutocrat (9)
I believe the answer is:
financier
'a plutocrat' is the definition.
(thesaurus)
'in the buff hugging' is the wordplay.
'the buff' becomes 'fancier' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'hugging' means one lot of letters goes inside another (outside letters hug or embrace inside letters).
'in' put into 'fancier' is 'FINANCIER'.
Can you help me to learn more?
(Other definitions for financier that I've seen before include "I can infer (anag)" , "Money transactor" , "Manager of large-scale monetary resources" , "One dealing in big money" , "Person engaged in large money transactions" .)