This paper studies the changing distribution of social capital and its impact on class formation in England and Wales from a ‘class structural’ perspective. It compares data from the Social Mobility Inquiry (1972) and the British Household Panel Survey (1992 and 1998) to show a distinct change in the class profiling of membership in civic organisations, with traditionally working-class dominated associations losing their working-class character, and middle-class dominated associations becoming even more middle-class dominated. Similar changes are evident for class-differentiated patterns of friendship. Our study indicates the class polarization of social capital in England and Wales.