Many of the schools with the most funding per student, like Washington D.C. and NYC currently underperform.
NYC has a spending of $36-40k per student with only 56% ELA, ~47% Math. Washington DC has $27k-31k of spending per student and only 22% proficient in reading and 16% in Math.
Charter schools have been the best bang for the buck. The best all-income schools are catholic schools, averaging at 1 grade level higher. Then private schools do even better, but aren't accessible to everyone, and then the top spot is left to selective high-performing schools, unsurprisingly.