Key Takeaways
- • Citi Wealth's 2026 Global Family Office Report, covering 351 family offices in 41 countries, found 63% named inflation their top concern, up from 37% in 2025.
- • Despite rising inflation worries, 46% of family offices raised public equity exposure over the past year, and 37% expect to add developed-market equities over the next year.
- • Only 3% of family offices expect to add digital assets, while 14% expect to cut digital asset holdings over the next year.
- • Just 12% of family offices cut public equity exposure in the past 12 months, and only 5% plan to reduce global developed equity allocations.
- • Lack of internal expertise or governance frameworks was the most cited barrier to raising allocations at 27%, rising to 34% among North American offices.
Summary
Inflation has overtaken other concerns on family offices' lists, yet equities remain their preferred destination for new capital, according to Citi Wealth's 2026 Global Family Office Report. The survey, which covered 351 family offices in 41 countries, found that 63% of respondents named inflation as their top concern, up from 37% in 2025. Tariff worries, which led the 2025 survey, fell to 18% from 60%.
These concerns have not translated into equity selling. Some 46% of respondents raised public equity exposure over the past year, and the net increase in public equity allocations was 23 percentage points larger than in the 2025 survey. Only 12% cut public equity exposure in the past 12 months, and 37% expect to add developed-market equities over the next year. Alexandre Monnier, head of family office advisory at Citi Wealth, told CNBC that allocations had not shifted as sharply as inflation fears, arguing that family offices are becoming more sophisticated and treat risk management as an active process that allows them to stay invested during uncertainty.
US household balance sheets show a similar tilt. Equities account for 39.9% of household net worth, the largest share in Federal Reserve records, while home equity slipped to 19.3% in the same quarter.
Digital assets have not shared in this equity appetite. Against the 3% of family offices planning increases, 14% expect to cut digital asset holdings over the next year. Yet 46% of respondents said they see no significant barriers to raising allocations. The most cited obstacle was a lack of internal expertise or governance frameworks, named by 27% overall and by 34% of North American offices. Citi acknowledged that these low barriers have not yet lifted allocations in any meaningful way. Citi's next annual survey will indicate whether the planned cuts were carried out.
These concerns have not translated into equity selling. Some 46% of respondents raised public equity exposure over the past year, and the net increase in public equity allocations was 23 percentage points larger than in the 2025 survey. Only 12% cut public equity exposure in the past 12 months, and 37% expect to add developed-market equities over the next year. Alexandre Monnier, head of family office advisory at Citi Wealth, told CNBC that allocations had not shifted as sharply as inflation fears, arguing that family offices are becoming more sophisticated and treat risk management as an active process that allows them to stay invested during uncertainty.
US household balance sheets show a similar tilt. Equities account for 39.9% of household net worth, the largest share in Federal Reserve records, while home equity slipped to 19.3% in the same quarter.
Digital assets have not shared in this equity appetite. Against the 3% of family offices planning increases, 14% expect to cut digital asset holdings over the next year. Yet 46% of respondents said they see no significant barriers to raising allocations. The most cited obstacle was a lack of internal expertise or governance frameworks, named by 27% overall and by 34% of North American offices. Citi acknowledged that these low barriers have not yet lifted allocations in any meaningful way. Citi's next annual survey will indicate whether the planned cuts were carried out.
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