Social values orientation (SVO) refers to stable individual differences in the allocation of resources between self and others. In the present study, an intracommunity sample of preschool-age children was administered two economic dictator games, one pitting cooperation against selfishness and the other generosity against egalitarianism. A third game assessed competitiveness against cooperation. Results revealed that Spanish-speaking Latinx children (collectivistic family background) were more likely to make both cooperative choices and generous choices than a combined subsample of English-speaking Latinx, African American and Caucasian children (non-collectivistic background). These findings suggest that generosity rather than egalitarianism underlies the cooperative tendency of children from collectivist backgrounds. As expected, English-speaking Latinx children (mixed background) were highest on competitiveness. Contrary to predictions, neither cultural background, social values, nor their interaction were associated with teacher-rated child behavioral adjustment. Findings support SVO validity for the intracommunity sample but not its usefulness for predicting behavioral adjustment of preschool students.