Few studies have examined to what extent commonly held stereotypes reflect real intergroup differences in motivational goals. Taking a values perspective (Schwartz et al., 2012), the study examines value preferences among Jews and Russians in Russia, to assess the extent to which commonly held stereotypes reflect values of group members. Results showed that Jews reported substantially higher levels of universalism‐tolerance, benevolence (both caring and dependability), and tradition values, and lower levels of power (both dominance and resources), and universalism‐nature values, than Russians. Results indicated that the widespread Jewish stereotypes of power, achievement, and rootlessness/cosmopolitanism are ungrounded, while the stereotypes of liberalism and particularism are upheld by the reported differences in the value preferences between Jews and the majority population in Russia. The present study underscores the importance of value comparisons between ethnic minority and majority groups for understanding their motivational goals and thus fighting prejudices and discrimination.