African American and European American 4th, 6th, and 8th graders rated the competence of rich and poor children in academics (i.e., math, science, reading, writing, school grades, smartness), sports, and music. In contrast to middle school students, 4th graders favored the rich in all 3 domains. Youth of both races reported that the rich were more competent in academics than the poor; these beliefs were especially pronounced among Black youth. White, older, and more affluent students favored the poor in sports, whereas their counterparts either favored the rich or were egalitarian. No interactions were found between grade and race or grade and family income. The implications of these beliefs for policy and identity development theory are discussed.