Anti‐Semitism represents one of the most penetrating forms of prejudice, yet social research has failed to address the causal underpinnings of the phenomenon. To this end, we empirically test the notion that anti‐Semitism builds on the legacy of the Holocaust. Standing as the benchmark for collective suffering, the Holocaust creates competition over recognition of the status of the victim. Upward comparisons between victimized ingroups with other victimized outgroups trigger social prejudice. Victimhood, thus, creates an antagonistic view of the Jews that, in turn, fuels anti‐Semitic prejudice. We test this theory using data from Greece—the European nation with the highest proportion of anti‐Semites—leveraging two survey experiments and a natural experiment. Our results confirm our theoretical expectations, showing that perceived victimhood fuels anti‐Semitism. The findings of our research carry important implications for dealing with anti‐Semitism and for combating various forms of outgroup prejudice.