In comparison to class much less has been written on ethnicity and gentrification. Ethnic minorities are often seen as the victims of gentrification, yet ethnicity is also marketed (for example, ethnic neighbourhoods) as a cosmopolitan gentrification. Whites displacing black or ethnic minority groups (often first or second generation immigrants) is common in US gentrification studies, but there are also studies of black, middle class gentrifiers. This chapter expands the discussion beyond the US to Norway, Mexico and elsewhere. It concludes that the ethnic dimension to gentrification is as yet under-theorised, that the role of ethnicity and/or ‘race’ in gentrification processes is often ambiguous, and that ethnic identifications may well be contradictory and multivalent. Engaging with the relationship between ethnicity and gentrification requires sensitivity towards the geographical and historical context of ethnic minorities’ positions.