The 'myth' that Asian Americans have succeeded in white society is refuted in this study of Chinese-American elites. Chinese-American elites represent a double minority, an ethnic minority and an economic minority. The status contradictions inherent in such a situation are examined. The high level of educational attainment of Chinese-Americans has not resulted in superior financial income. To compensate for these contradictions three different strategies for manipulating ethnicity can be utilized. Chinese-Americans can attempt to abandon their ethnicity, to retain it, or to straddle both the Chinese and the dominant white cultures. It is concluded that despite the fact that Chinese-Americans have been described as the "model minority", they still suffer from occupational and financial discrimination. Full equality for the Chinese-American is not yet a reality. (Author/RV)