This study explored how personality and cultural variables influence subjective well-being (SWB) in two different U.S. ethnic groups: Asian Americans and European Americans. Structural equation modeling analyses supported a hypothesized culture --> personality model of SWB, in which the cultural syndromes of individualism and collectivism predict variations on personality dispositions (Big Five), which, in turn, influence life satisfaction through self- and relational esteem. Despite ethnic mean-level differences found for many of the variables, none of the pathways in the culture --> personality model of SWB differed across our two ethnic groups. Furthermore, the culture --> personality model of SWB fit the data more adequately than a competing personality --> culture model of SWB, in which personality dispositions preceded cultural syndromes in predicting life satisfaction. A consistent finding was the stronger weight of self-esteem (compared with relational esteem) in predicting life satisfaction for both ethnic groups. Results are discussed in the context of acculturation theory and recent cultural psychology views.