Among members of privileged groups, social inequality is often thought of in terms of the disadvantages associated with outgroup membership. Yet inequality also can be validly framed in terms of ingroup privilege. These different framings have important psychological and social implications. In Experiment 1 (N = 110), White American participants assessed 24 statements about racial inequality framed as either White privileges or Black disadvantages. In Experiment 2 (N = 122), White participants generated examples of White privileges or Black disadvantages. In both experiments, a White privilege framing resulted in greater collective guilt and lower racism compared to a Black disadvantage framing. Collective guilt mediated the manipulation's effect on racism. In addition, in Experiment 2, a White privilege framing decreased White racial identification compared to a Black disadvantage framing. These findings suggest that representing inequality in terms of outgroup disadvantage allows privileged group members to avoid the negative psychological implications of inequality and supports prejudicial attitudes.