Using a unique database constructed through the merging of administrative records from Sweden and Finland, we provide the first detailed examination of differential return migration risks by people's mother tongue within a given nationality. We analyze whether the divergence in return migration risk between Swedish‐speaking and Finnish‐speaking Finns in Sweden relates to host country earnings, considering that the former group are in parity with native Swedes. Host country earnings and other background variables are found to explain only a modest part of the difference in return migration risk. Variation in the return migration risk of labor migrants is consequently not solely a result of earnings differentials.