Anti-racist interventions and policies in multi-ethnic western societies must address both structural deprivation and associated intergenerational mobility and colourism, according to an intersectional analysis of health and socioeconomic inequities in New Zealand. The analysis used data from 20,410 adolescents in school years 9-13 (median age 15 years) involved in the Youth2000 survey series undertaken in the Auckland, Tai Tokerau, and Waikato regions between 2001 and 2019. Findings showed that socioeconomic, interpersonal, and health inequities varied with access to flexible resources among Māori and racialised migrant youth. High levels of socioeconomic inequities were experienced by Māori and racialised migrants from low-income and middle-income countries. Socioeconomic inequalities for racialised migrant youth persisted over three generations, especially for Pasifika migrants. Compared with visibly racialised groups, minorities perceived as White experienced less discrimination and had more advantages. Modelling showed that embodiment resources, and to a lesser extent structural resources, mediated, but did not eliminate ethnic disparities in socioeconomic status and interpersonal discrimination. These resources did not strongly mediate ethnic disparities in health.