This paper examines the evolution of the impact of the within and between school wealth inequalities on learning for six Latin American countries since Dakar by using PISA data for 2000 and 2012. We employ a multilevel analysis to assess the variability of achievement accounted for student and school factors and the heterogeneity of between school inequalities across schools and time. We also estimate changes on the level and strength of school wealth gradients for poor schools. We find that of the total variation, around 40% was attributable to school wealth composition and a further 10% to additional individual and school factors. Between school wealth inequality is the strongest determinant on achievement in both waves. Among poorest schools, we find some progress on the level and lower strength of school wealth inequality for reading. Results for the whole region show a convergence on the levels of gradients and countries’ average performance, with a noticeable trade-off between larger performance and more inequality for math but not for reading. On the policy front, our results suggest that education policies increasing access alone are insufficient to achieve EFA’s learning goal and should be accompanied by measures tackling wealth inequalities among poorer schools