According to CNBC, a new Citi Wealth survey found that 63% of family offices cited inflation as their top investing concern, up from 37% in 2025, while 18% named trade disputes and tariffs as their top concern, down from 60% last year. The annual survey of 351 firms, conducted in June and July, also showed that family offices plan to increase allocations to public equities, private equity and direct investments over the next 12 months despite the inflation worries.

Alexandre Monnier, head of family office advisory at Citi Wealth, said the rise in inflation fears was striking, but the survey suggested portfolio allocations had not changed as sharply. The report said fixed-income allocations were largely stable, with a net 3% more respondents decreasing than increasing their exposure over the past 12 months, while a net 34% increased public equities exposure and 42% made no change. Private equity and cash each drew a net 15% increase in allocations.

Looking ahead, nearly a third of respondents said they planned to raise exposure to global developed equities over the next 12 months, and a net 10% said they intended to increase private equity through direct investments or funds. Family offices were most bearish on private credit, with a net 12% planning to reduce allocations. North American family offices showed the most interest in real estate, with 37% planning to add to the asset class versus 25% of the overall sample.