This article examines the extent to which family wealth affects the Black–White test score gap for young children based on data from the Panel Study of Income Dynamics (aged 3–12). This study found little evidence that wealth mediated the Black–White test scores gaps, which were eliminated when child and family demographic covariates were held constant. However, family wealth had a stronger association with cognitive achievement of school‐aged children than that of preschoolers and a stronger association with school‐aged children’s math than on their reading scores. Liquid assets, particularly holdings in stocks or mutual funds, were positively associated with school‐aged children’s test scores. Family wealth was associated with a higher quality home environment, better parenting behavior, and children’s private school attendance.