Through a comparison of Indigenous-owned cultural tourism businesses in southeastern Alaska and New Zealand as well as secondary data examining Indigenous tourism across the Pacific, this article introduces the concept of "Indigenous capitalism" as a distinct strategy to achieve ethical, culturally appropriate, and successful Indigenous participation within the global economy. Indigenous peoples have been involved with tourism since they first hosted guests through exploratory and early colonial encounters, yet Indigenous ownership and control of such venues is a relatively new phenomenon worldwide. Indigenous tourism encompasses a wide range of experiences, including cultural tourism, ecotourism, adventure tourism, gaming, resorts, and other related services. From the outset the author wishes to make it clear that while Indigenous tourism is growing at a rapid pace, there are many Indigenous people around the world who remain disenfranchised from the dominant political economy and cannot take advantage of the opportunities afforded through economic development in tourism. (Contains 37 notes.)