The paper explores the problems of determining and changing the composition of assets providing economic and social development of the Arctic zone (AZ) of the Russian Federation. The authors use an approach that combines particular features of two different concepts. The first one was used to assess the assets mainly involved in development of natural resources. In contrast, the second one refers to the assets related to the activities and lifestyle of indigenous peoples of the North and the Arctic. On the one hand, the economic assets of the AZ are traditionally characterized by unique properties of natural resources and site characteristics (economies of scale). On the other hand, one of the immanent elements of the assets of the peoples, living in the North and Arctic regions, was considered to be the so-called “transformity”. The latter refers to spatial dispersion of assets, flexibility and adaptability of applied knowledge and practices that ensure harmonious relationships with the environment and unique natural objects. The authors' approach assumes a shift from the “economies of scale “ in its pure form to the formation of economic assets that combine the best modern high-tech solutions and the quality of transformation inherent in the traditional economic activities of the peoples of the North and the Arctic.