Analyzing new nationwide data from the Understanding Society COVID-19 survey (N = 10,336), this research examines intersecting ethnic and native–migrant inequalities in the impact of COVID-19 on people’s economic well-being in the UK. The results show that compared with white non-migrants, black, Asian and minority ethnic (BAME) migrants in the UK are more likely to experience job loss during the COVID-19 lockdown, while BAME natives are less likely to enjoy employment protection such as furloughing. Although white non-migrants are more likely to reduce their work hours during the COVID-19 pandemic than BAME migrants, they are less likely to experience income loss and face increased financial hardship during the pandemic than BAME migrants. The findings show that the pandemic exacerbates entrenched socio-economic inequalities along intersecting ethnic and native–migrant lines. They urge governments and policy makers to place racial justice at the center of policy developments in response to the pandemic.