This paper reports the apparent paradox of high levels of discrimination experienced by humanitarian migrants to Australia, in the labor market and everyday life, yet simultaneous reporting of positive well‐being. How can people feel discriminated against, yet still be relatively satisfied with life? The study draws on quantitative and qualitative data from a study of 150 refugees from the former Yugoslavia, the Middle East, and Africa. Possible reasons for the level of well‐being are explored, including “relative deprivation theory,” as well as various resiliency and mitigating factors, including personal and social supports. The notion of eudaimonic well‐being – whereby experiences of difficulty produce positive well‐being – is also applied to the findings. The negative experiences and perceptions appear to map onto low‐level dissatisfaction or disgruntlement, and specifically directed or contained disappointment, rather than serious dissatisfaction with life generally, orientation to Australia, or negative subjective well‐being.

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