Abstract Since English is primarily the medium of communication for international business and trade. In addition to being the official language of many international organizations (such as the UN, WHO, etc.), it has become a lingua franca in the modern world. English language lessons are delivered and required in many secondary schools globally. English is taught by many public schools as a compulsory subject, sometimes at the expense of other languages. Taking into account the rapid global spread of the English language, the article examines the main advantages and disadvantages of English being a global language providing an example of Ukrainians living abroad and in their home country. Postcolonial and globalization theories are analyzed to demonstrate that the spread of English is a result of the British Empire and the rise of the United States as a global actor in international relations thereafter. On the contrary, the linguistic human capital theory and theory of cultural capital underline that language proficiency may serve either as a limitation or a getaway in socioeconomic situations. The article deploys a qualitative research method, namely, online surveys of Ukrainians in Poland, Estonia, Germany, Spain, and Ukraine. The results indicate that English as a global language provokes inequalities for Ukrainians whose English skills are even below pre-intermediate level, both within Ukraine and outside their home country. The driving motivation for both groups to learn English is better job opportunities.