Are Some Immigrant Entrepreneurs More Privileged Than Others? A Cross-National Comparison of Financial Capital Among Start-ups in the UK and UAE

Abstract This cross-national study examines how ethnic resources shape access to financial capital among first-generation Punjabi-Pakistani immigrant entrepreneurs in the precious metals industries of Manchester (UK) and Dubai (UAE). Based on 50 semi-structured interviews (August 2022–July 2023) and analyzed through Template Analysis, the findings show that while co-ethnic social capital is widely mobilized across both contexts, significant intra-ethnic variations emerge between Khandani (lineage-based) and non-Khandani entrepreneurs. Khandani entrepreneurs rapidly accumulate start-up capital by leveraging their reputational credibility and transnational embeddedness, securing preferential access to large-scale financing through Rotating Credit Associations (kameti). By contrast, non-Khandani entrepreneurs face delayed entry, relying on modest loans from kin and co-ethnic migrants, with limited capacity to scale. The study highlights how lineage-based prestige intersects with broader kinship networks (Biraderi), producing differentiated trajectories of immigrant entrepreneurship. By foregrounding intra-ethnic stratification, this research extends debates on ethnic resources and mixed embeddedness, demonstrating that not all co-ethnic capital is equally accessible, and that transnational contexts reproduce rather than neutralize status hierarchies.