We report on the observation of dispersive elementary excitations of two-di
mensional electron gases in modulation-doped CdTe and Cd1-xMnxTe quantum we
lls. From the plasmon dispersion, we deduce electron densities in good agre
ement with the ones deduced from independent experiments, provided that a f
inite lifetime of the electron-hole pairs is taken into account within a mo
dified random phase approximation model. We also find in the same samples u
ncorrelated electron-hole excitations at energies significantly lower than
expected from the electron density. We discuss the possible implications of
these findings in terms of electron localization.