The study extends the approach of the Stereotype Content Model to ethnic stereotype content beyond intergroup relations within societies by exploring the North-South hypothesis for competence and warmth. This paper claims that the “desperate” (resource-poor and unpredictable) of lower-latitude climate regions and “hopeful” (resource-sufficient and stable) ecology higher-latitude climate regions translate into typical aggregate attributes and are afterward generalized to the status of all their residents. Further, people use this information as a diagnostic for judgments about the economic value or burden of ethnic groups in their society. Based on the data about aggregated means of competence and warmth for 77 ethnic groups in 38 regions, the multivariate models show that ethnic groups from warmer climates and from lower wealth countries are given lower evaluation in both competence and warmth stereotypes. However, ethnic groups from more northerly countries are also given a lower evaluation in warmth. Ethnic stereotypes reflect both features of ethnic groups in countries of origin (e.g., the North-South polarization) and group characteristics carried by ethnic groups in new contexts (i.e., intergroup relations). Thus, reactions to ethnic groups seem to differ partly depending on countries of origin mixed in people’s minds with information about geography, climate, and national wealth in the social perception process. Stereotypes associated with ethnic groups across countries to some extent track the stereotypes associated with the ecologies in which these ethnic groups are assumed to predominantly live. This highlights the importance of the establishment or expansion of policies and programs regarding international inequality.