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Can anyone enlighten me about the punchline?

Is it being satiric about a wall street investor, but why?



Regards

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Nowadays, Wall Street investors have lost all their money, so the frog won't be able to pay the wizard. So the wizard will have to change him for free (= 'it's on me').
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When the wizard says the cost of the transformation will depend on what the frog used to be, he means that he will charge more to transform a high-earning person back into that state. Since the frog was a Wall Street investor, he is obviously impoverished and the wizard will be forced to perform the transformation for no fee ("it's on me").
Really, it's not enough of a joke to get or not get. Emotion: smile

Edit: Sorry Mr. M, I started typing this but was interrupted. I finished up and posted w/o checking to see if someone else had answered the question.
Thank you for your elaborations! Emotion: smile