We explore differences in economic outcomes between return migrant households and non-migrant households using panel data from Burundi, a country which experienced large scale conflict-led emigration to Tanzania and massive post-war refugee return. We exploit proximity to the border of Tanzania at birth for identification purposes. Results indicate that returnee households have significantly lower levels of livestock. Differences in current economic activities and legal restrictions on economic activities while in displacement are likely to explain a portion of the current economic gap between returnee and non-migrant households. There is no evidence for other channels (e.g. vulnerability to crime, health status).