The paper discusses empirical evidence and theoretical perspectives on structurally and spatially ingrained racial capitalism, dispossession, and precarisation in what is identified as ‘neo-apartheid’ Sweden. Theoretically, the argument rests on a critical re-engagement of the notions of ‘racial capitalism’ and ‘neo-apartheid’ in contemporary critical research, inspired, historically, by rich research on racial capitalism in South Africa under apartheid. The argument is illustrated, empirically, by a scrutiny of processes of segregation, racial stigmatisation, and ‘the return of primitive accumulation’ reflected in predatory housing policies and super-exploitation of labour, conditioning livelihoods and opportunities of subaltern Others in disadvantaged urban neighbourhoods. Through a local case in the region of Järvafältet in metropolitan Stockholm, the paper addresses subaltern struggles contesting these realities of racial capitalism in a society that used to be an international showpiece of social equality and inclusive diversity policy.