This chapter analyzes the role of cultural capital in income distribution. Cultural capital plays a different role from other types of capital in that it has not only economic value but also cultural value that directly increases utility. Our results demonstrate that (i) bequest levels are divided into two steady states depending on the level of cultural capital, even if households have the same level of bequests in the initial period, and (ii) countries with high cultural capital externalities have fewer households who become unskilled workers than those with low externalities, although the bequest gap is larger in the steady state.