Drawing on a global and comparative ethnography, this presentation explores how Syrian men and women seeking refuge in a moment of unprecedented global displacement are received by countries of resettlement and asylum — the U.S., Canada, and Germany. It shows that human capital, typically examined as the skills immigrants bring with them that shape their potential, is actually created, transformed, or destroyed by receiving states’ incorporation policies. Since these policies derive from historically informed and unequal approaches to social welfare, refugees’ experiences raise a mirror to how states (re)produce inequality.