ABSTRACT Since the start of the COVID-19 pandemic, people perceive their health and finances to be at greater risk than before. Using data from CILS4COVID, an add-on study to the German long-term project CILS4EU-DE, surveying young adults aged 24–26, we show that these risk perceptions are prevalent in populations with a former Yugoslavian, Turkish, and Asian background, although we find only few differences between the German majority and the ethnic minority groups overall. Contrary to expectations, we were not able to fully explain these systematic differences with sociodemographic, experiential and sociocultural factors. Nevertheless, our analysis provides important insights into mechanisms underlying the increased perception of risk during the pandemic irrespective of respondents’ ethnic origin.