Ignoring viscous effects (the Reynolds number will be a lot lower on a wing gemotrically scaled like that, changing the laminar/turbulent characteristics of the wing), you’d find that your wings would be grossly oversized.
Lift is a function of density, velocity, lift coefficient, and wing surface area. All the other parameters could remain constant. But the surface area is reduced by only the square of the scale factor, while the volume (and hence the mass) will go down by the cube of the scale factor. For a plane that is geometrically scaled down by 400 times—making a Boeing 747-400 about 7 inches long and 0.013 lbs—your wing area would be 400 times larger than it needs to be, so your lift would be 400 times too large. It would look right, because it properly geometrically scaled. But from a dynamic scaling standpoint, it’s absurdly wrong.
Skin friction drag would be relatively increased by these large wings, and all that extra lift makes induced drag (drag due to lift) way too high, as well. In short, that plane isn’t flying at all.
In reality, however, a buildable scale model will weigh many times more than this perfectly geometrically scaled aircraft. That’s the only way such a small aircraft could hold itself together. The aluminum thickness won’t go down by 400 times, but more like a factor of 2 or 3 at most. In the end, the plane will actually be so overweight for its scale that the wings will be undersized, incapable of lifting the dense hunk of metal (say, 1 lb) off the ground at realistic speeds.
Most flying scale replicas of large planes have oversized wings. The jet-powered, composite F-22 replica I built in college, for example, had wings that were about 20% larger than simple scaling would dictate. Also keep in mind that model was too large to fit in the palm of your hand, and was a replica of a plane that is considerably smaller than a 747. While our hypothetical 747 model is 400 times smaller than the real thing, my F-22 was only about 1/24 scale.
So in practice, to make your palm-sized 747 fly—assuming it’s made of scaled down metal—the wings would have to dwarf the fuselage, and then you’ve got terrible stability and control issues. Make it out of balsa or foam, and it gets (somewhat) more practical.