Riis, who won the three-week race on Sunday in Paris, got a warm round of applause from the 5,000 fans who packed Bonn's Market Square for a victory celebration.
But the crowd went wild when runner-up Ullrich, the first German on the Tour podium since Kurt Stoepel was second in 1932, climbed the steps of the baroque City Hall to take his bow.
City officials in Bonn, home to the company that sponsored the cyclists, hailed them as Germany's own ``Dream Team'' and hastily prepared the heroes' welcome.
The crowd was so thick that the nine team members could not even reach an official stand only a few metres away to autograph the caps, posters and bare arms fans held out to sign.
``I kept on thinking I was going to break down during this three-week-long race. But now that I've done it I'm on Cloud Nine,'' Ullrich, 22, said with a bright smile.
Ullrich, a former amateur world champion who was not at first nominated for Germany's Olympic cycling team, did not have much time to enjoy all the applause. He was scheduled to fly to Atlanta for the Olympic Games on Tuesday morning.
Team leader Riis clutched his little son to protect him from the crowds trying to squeeze into City Hall to watch the riders sign Bonn's golden book.
Riis was catching a flight to Copenhagen later on Monday for another reception there and a triumphant return to his hometown of Herning.
German politicians were eager to share the triumph. ``Some time ago the Danish queen was standing here, now a new Danish king is standing here,'' Bonn Mayor Baerbel Dieckmann said.
Among the prominent fans was the opposition parliamentary leader, Social Democrat Rudolf Scharping, a weekend cyclist who has just returned to work after recovering from concussion suffered in a fall from his bike last month.
``Miguel comes from the country and when he gets up, he looks at the sky,'' said the dethroned Tour de France king's team director Jose Miguel Echavarri. ``This year, the sky was not good and spoilt his harvest.''
Indurain, in a class of his own in each of the last five Tours, suffered two days of bad performances in awful weather, shattering his dream of a record sixth win in the world's greatest cycle race.
The Spaniard restored some pride in Saturday's penultimate stage against the clock through the vineyards from Bordeaux to Saint-Emilion, when he was beaten only by young German Jan Ullrich.
Indurain, who was waiting for that time-trial to decide whether he would go to Atlanta, said afterwards he would take part in the Olympic road race and time-trial.
He did not say if he would contest the Tour again but Bjarne Riis, who earned an unexpected triumph when the race ended in Paris on Sunday, was convinced he would.
``Miguel was not at his best this year but he's still a great champion and he will be back, I'm sure,'' said the veteran Dane.
Jean-Francois Bernard, Indurain's former team mate, said: ``I know Miguel well enough to be absolutely certain that he will not accept bowing out like that.''
Indurain's nightmare began in the seventh stage in the Alps, when he collapsed in the final punishing climb to the ski village of Les Arcs, losing precious minutes.
``I saw he had his gloves on and his plastic raincoat in his pocket,'' said Riis. ``You don't climb a mountain like that. I thought he might have been feeling so strong that he just didn't care but it was the contrary, he was not feeling good at all.''
Indurain, who prefers to ride in the heat, blamed his poor performance on the rain and cold.
He experienced another off-day in a strenuous 17th stage to Pamplona, just one day after his 32nd birthday.
After crossing the finish line in the capital of his home region of Navarre as a loser, he did not offer any excuses. ``I have never regarded myself as unbeatable and I knew I would be beaten,'' he said, realising that he would not reach the French capital wearing the coveted yellow jersey.
``I knew a day like this would come but I didn't think it would come today.''
Indurain had high hopes of defending his title after winning the Tour warm-up race, the Dauphine Libere, in devastating style.
``I can't believe that the man who won the Dauphine so brilliantly has suddenly become an ordinary rider,'' said Echavarri. ``We need time to analyse what has happened but this is not the end of Indurain.''
Those who interpreted the image of Riis, wearing the yellow jersey, raising the arm of a sad Indurain on the podium in Pamplona as the sign of a new era might have to think again.
``It will be hot in Atlanta,'' said the Spaniard, looking forward to a fruitful harvest.
``You have performed the greatest achievement ever in the history of Danish sport,'' Rasmussen said.
Riis, accompanied by his wife and two sons and other Danish cyclists who took part in the race, seemed overwhelmed by the warmth of the reception.
In a brief speech, a visibly moved Riis said: ``This is just great. It has been a fantastic day, a fantastic three weeks that I will never forget. Thank you Denmark.''
The celebration took the form of a concert with Danish musicians, singers and celebrities performing tributes and victory songs for their hero.
Among the guests was French ambassador Jacques-Alain de Sedouy, who said halting Danish: ``You have just won the world's greatest cycle race and I congratulate you with all my heart.
``You have played a major role in strengthening the ties of friendship between the Danish and French people.''
Earlier, Riis arrived at Copenhagen airport by private plane from Bonn, where he and his victorious German Telekom team met German Chancellor Helmut Kohl.
He drove in an open car though the streets of Copenhagen, waving to crowds of cheering admirers who showered him with flowers.
On Tuesday, Riis -- based in Luxembourg for the past decade -- will return to his home town Herning in western Denmark for more celebrations.
On Thursday, he is due to fly to Atlanta to take part in the cycle road race at the Olympic Games.
Boxmeer Profronde, Netherlands 1. Voskamp 100 km in 2.18.39 2. Danny Nelissen 3. Zabel (Dui) 0.10 4. Blijlevens 5. De Louw 6. Gerrit De Vries all s.t.