Upper-class social clubs in the European metropolis have mostly been described through isolated monographies. The case of Milan allows us to present a more relational analysis: in this city, the social (and some service) clubs form a relatively autonomous and coherent space of distinction. Differences between clubs concern historical origins, social composition, organizational features, and modalities for membership. But they also pertain to the particular criteria used by each institution in organizing, mobilizing, describing, and legitimating the links connecting its members with each other, as well as in distinguishing itself from its competitors. We show that the representation of social capital contributes to its reality, and that part of its efficiency stems from the symbolic categories deployed to make sense of it.