Highest possible rank or status (5)
I believe the answer is:
deity
'highest possible' is the definition.
The definition and answer can be both people as well as being singular nouns.
Perhaps there's a link between them I don't understand?
I can't explain the rest of the clue.
Can you help me to learn more?
(Other definitions for deity that I've seen before include "God or goddess" , "Divinity" , "Refuge" , "Supreme being" , "Supernatural being" .)