Two studies tested the hypothesis that downward social mobility would improve attitudes towards minorities, explained by higher perspective-taking and lower social dominance orientation (SDO). In Study 1, Russian-speaking expatriates in Switzerland (N = 125) were divided into two groups: one having experienced downward mobility and another one – upward mobility. The former manifested slightly less mixed stereotypes (indicating lower levels of negative attitudes) of people with disabilities and unemployed people, in line with the hypothesis. However, downward mobility had no effect on participants’ tendency of perspective-taking, and a positive effect on SDO. In Study 2 (N = 242), a downward-mobile group (unemployed people) was compared with a non-mobile group (employed people). The former reported a lower degree of positive attitudes towards homosexuals than the latter, contrary to the hypothesis. Non-mobile participants who highly identified with the unemployed reported more perspective-taking. Results are discussed within the framework of the Social Identity Theory.