The educational possibilities of the Urals attract foreign students from both near and far abroad countries. There appears a need for effective interethnic communication during educational process. The authors put forward the hypothesis that the development of a tolerant personality at the university is possible when a systemic joint work of representatives of various ethnic communities is organized. The authors focus on such concepts as polycultural education, a multicultural educational environment and a tolerant personality. The experimental part of the study is conducted among undergraduate students of the Ural State University of Economics. It allows presenting the principles of interethnic interaction and the four blocks of the model as well as conditions and methods of development of a tolerant personality. The authors conclude that modern Russian education should take into account the multiethnic structure of society. It should be based on the exchange of cultural heritage aimed at the development of a tolerant personality. Keywordscultural heritage, tolerant personality, types of ethnic identity, system model, principles of interethnic tolerance, conditions for effective development of a tolerant personality * .