Key Takeaways
- • Citi Wealth's 2026 Global Family Office Report, based on a June-July 2026 survey of 351 family office clients from 41 countries, finds public equities have returned as the top destination for new capital, with nearly half of respondents increasing exposure during the year.
- • Nearly 90% of respondents reported positive portfolio performance year-to-date, while 41% continue to target annual returns of 7% to 10%.
- • Inflation has become the leading concern among family offices, ahead of interest rate developments, financial system stability and market volatility; trade disputes and tariffs declined significantly as concerns.
- • Approximately one-third of respondents expect leadership transitions within five years, and unclear succession plans and insufficient readiness of future leaders are cited as major challenges.
- • Family offices are deploying AI for productivity rather than alpha generation, while 38% expect family globalization to rise over the next five years, increasing cross-border complexity.
Summary
Citi Wealth released its 2026 Global Family Office Report on November 4, 2026, compiled by its Global Family Office Group, which works with more than 1,900 family offices worldwide. The survey was initiated at Citi Wealth's 11th Annual Family Office Leadership Summit in June 2026 and then opened to the wider client base, drawing responses from 351 clients in 41 countries. The report characterizes family offices as building long-term strategies around capital, capability and continuity.
According to the report, public equities have re-emerged as the primary destination for incremental capital. Nearly half of respondents increased public equity exposure during the year, and global developed equities ranked as the most favored asset class for future net allocations. Private markets remain a strategic pillar, with private equity attracting significant capital and direct investing continuing to rise, though family offices are becoming more selective, placing greater emphasis on sourcing, expertise and differentiated access. Portfolios remain diversified, with many maintaining positions in private equity, fixed income and cash.
Risk management was a central theme. Recent geopolitical developments tested portfolios without triggering widespread retrenchment; more than 40% of respondents made no major changes, while others used active management, hedging and targeted adjustments. Inflation emerged as the top concern in 2026, and the report says short-duration income assets, quality exposures and inflation-sensitive diversifiers will play a larger role in preserving real wealth.
The report also highlights operational and structural shifts. Respondents are applying institutional disciplines beyond investing, committing resources to operational planning, succession and organizational development. AI is moving into implementation across investment analysis, reporting and workflow automation, with an emphasis on productivity, though final decisions remain with experienced humans. On globalization, 38% of respondents expect family globalization to rise over five years, raising demands for tax coordination, asset structuring and cross-border compliance. Approximately one-third anticipate leadership transitions within five years, a timeline Citi characterizes as immediate.
Dawn Nordberg, Head of Integrated Client Solutions and the Global Family Office Group at Citi Wealth, said family offices are "balancing conviction with resilience, opportunity with discipline, and growth with stewardship." Alexandre Monnier, Head of Family Office Advisory at Citi Wealth, said family offices are "uniquely positioned to build resilient portfolios, reimagine their operations and professionalize."
According to the report, public equities have re-emerged as the primary destination for incremental capital. Nearly half of respondents increased public equity exposure during the year, and global developed equities ranked as the most favored asset class for future net allocations. Private markets remain a strategic pillar, with private equity attracting significant capital and direct investing continuing to rise, though family offices are becoming more selective, placing greater emphasis on sourcing, expertise and differentiated access. Portfolios remain diversified, with many maintaining positions in private equity, fixed income and cash.
Risk management was a central theme. Recent geopolitical developments tested portfolios without triggering widespread retrenchment; more than 40% of respondents made no major changes, while others used active management, hedging and targeted adjustments. Inflation emerged as the top concern in 2026, and the report says short-duration income assets, quality exposures and inflation-sensitive diversifiers will play a larger role in preserving real wealth.
The report also highlights operational and structural shifts. Respondents are applying institutional disciplines beyond investing, committing resources to operational planning, succession and organizational development. AI is moving into implementation across investment analysis, reporting and workflow automation, with an emphasis on productivity, though final decisions remain with experienced humans. On globalization, 38% of respondents expect family globalization to rise over five years, raising demands for tax coordination, asset structuring and cross-border compliance. Approximately one-third anticipate leadership transitions within five years, a timeline Citi characterizes as immediate.
Dawn Nordberg, Head of Integrated Client Solutions and the Global Family Office Group at Citi Wealth, said family offices are "balancing conviction with resilience, opportunity with discipline, and growth with stewardship." Alexandre Monnier, Head of Family Office Advisory at Citi Wealth, said family offices are "uniquely positioned to build resilient portfolios, reimagine their operations and professionalize."
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