"Excellence gaps" are the disparities in advanced academic performance that exist between student groups. These gaps have important implications for both academic equity and American economic competitiveness, as the most lucrative jobs often go to those who perform at the highest levels. Although considerable work has evaluated how and why these excellence gaps occur, what's not been examined closely is what excellence gaps look like for students of different races/ethnicities within the same socioeconomic group. This new report uses National Assessment of Educational Progress (NAEP) data on eighth graders over the last two decades to trace the performance of America's highest-achieving students by both race/ethnicity and socioeconomic status (SES). Specifically, Fordham's research associate Meredith Coffey and national research director Adam Tyner examine: (1) The extent to which racial/ethnic excellence gaps can be explained by differences in SES; (2) Whether excellence gaps still exist when racial/ethnic groups are compared within the same socioeconomic groups; and (3) How excellence gaps by race/ethnicity and SES have shifted over the past two decades, including since the COVID-19 pandemic. This new analysis reveals five key findings and several implications for education leaders and policymakers who want to increase the numbers of students from all backgrounds whose academic performance rises to the top. [Foreword written by Michael J. Petrilli and Amber M. Northern.]