Key Takeaways
- • Family offices identify inflation as their top concern, with interest rate developments as a secondary worry, according to Citi's 2026 Global Family Office Report, reflecting broader economic anxiety despite strong portfolio performance.
- • More than 90% of surveyed family offices reported positive returns in their investment portfolios this year, demonstrating resilience in current market conditions despite inflationary headwinds.
- • Family offices maintain bullish positioning on artificial intelligence while simultaneously increasing allocation to stocks and private equity, signaling confidence in growth assets despite macro uncertainty.
- • Nearly half of family offices surveyed have shifted asset allocations in recent years, repositioning portfolios amid rising financial markets and persistent recession concerns.
Summary
Family offices are doubling down on equities and private equity investments despite naming inflation as their primary economic concern, according to Citi Wealth's 2026 Global Family Office Report. The survey reveals a bifurcated sentiment: while inflation tops the list of worries for ultra-high-net-worth investors, their actual portfolio positioning reflects continued confidence in growth-oriented assets and emerging opportunities.
Inflation has emerged as the leading concern among family offices, with interest rate developments following as a secondary worry. This represents a significant shift in the risk perception landscape, as family offices grapple with the persistent impact of rising costs on both their business operations and their broader investment thesis. The concern underscores how inflationary pressures continue to vex even the wealthiest investors, who typically have diversified portfolios designed to hedge macroeconomic risks.
Despite these stated concerns, the survey data indicates robust portfolio performance. More than 90% of family offices reported positive returns this year, with nearly half indicating they have actively repositioned their asset allocations in recent years. This repositioning has tilted toward higher-risk, higher-return assets, particularly stocks and private equity. The allocation shift reflects a strategic bet that growth assets will outpace inflationary pressures and that market volatility presents opportunities rather than threats to long-term wealth accumulation.
Family offices also remain notably bullish on artificial intelligence, maintaining or increasing exposure to AI-related investments despite macro headwinds. This positioning suggests that ultra-high-net-worth investors view structural, technology-driven growth opportunities as more compelling than near-term inflation or rate cycle risks. The divergence between stated concerns and actual capital deployment reflects seasoned institutional investors' tendency to act on long-term strategic conviction rather than cyclical anxiety—a pattern that has characterized family office behavior through multiple market cycles.
Inflation has emerged as the leading concern among family offices, with interest rate developments following as a secondary worry. This represents a significant shift in the risk perception landscape, as family offices grapple with the persistent impact of rising costs on both their business operations and their broader investment thesis. The concern underscores how inflationary pressures continue to vex even the wealthiest investors, who typically have diversified portfolios designed to hedge macroeconomic risks.
Despite these stated concerns, the survey data indicates robust portfolio performance. More than 90% of family offices reported positive returns this year, with nearly half indicating they have actively repositioned their asset allocations in recent years. This repositioning has tilted toward higher-risk, higher-return assets, particularly stocks and private equity. The allocation shift reflects a strategic bet that growth assets will outpace inflationary pressures and that market volatility presents opportunities rather than threats to long-term wealth accumulation.
Family offices also remain notably bullish on artificial intelligence, maintaining or increasing exposure to AI-related investments despite macro headwinds. This positioning suggests that ultra-high-net-worth investors view structural, technology-driven growth opportunities as more compelling than near-term inflation or rate cycle risks. The divergence between stated concerns and actual capital deployment reflects seasoned institutional investors' tendency to act on long-term strategic conviction rather than cyclical anxiety—a pattern that has characterized family office behavior through multiple market cycles.
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