Family offices double down on stocks and private equity even as inflation spurs worry, Citi survey finds

• A net 34% of family offices increased public equity exposure over the past 12 months, with 37% planning to boost global developed equities allocations in the next year, while fixed-income holdings remained largely stable despite inflation fears.
• Family offices showed the strongest bearish sentiment toward private credit, with a net 12% planning to decrease exposure over the next 12 months, the most negative outlook among all asset categories surveyed.
• North American family offices displayed particular interest in real estate as an inflation hedge, with 37% planning increased allocations versus 25% globally, while 40% of all respondents intend to increase direct investment activity to maintain control and engage next-generation heirs.

Family Offices Increase Stock and Private Equity Allocations Despite Inflation Concerns

Key Findings

A Citi Wealth survey of 351 family offices, conducted in June-July 2026, reveals inflation has become the dominant investment concern, cited by 63% of respondents—up from 37% in 2025. This displaced tariffs, which dropped from 60% to 18% as the top worry. Other concerns included interest rate changes (44%), market volatility (34%), and Middle East conflicts (32%).

Portfolio Positioning

Despite inflation fears, ultra-wealthy investment firms are maintaining aggressive growth strategies. Over the past 12 months, a net 34% increased public equity exposure, while 42% kept allocations unchanged. Private equity and cash each saw net increases of 15%.

Looking forward, nearly one-third plan to boost global developed equities exposure over the next 12 months, with approximately 10% increasing private equity allocations through direct investments or funds.

Notable Shifts

Fixed income allocations remained stable, with only a net 3% decreasing exposure. Family offices showed strongest bearishness toward private credit, with a net 12% planning to reduce allocations. Surprisingly, only 11% (3% net) plan to increase commodities exposure despite their inflation-hedging properties.

North American family offices demonstrated particular interest in real estate (37% planning increases) and direct investments, with 40% intending to increase direct investment activity.

Market Implications

Alexandre Monnier, head of family office advisory at Citi Wealth, noted family offices are becoming more sophisticated in risk management, staying invested during uncertainty rather than retreating. The emphasis on direct investments reflects both desire for portfolio control and next-generation engagement strategies, as younger heirs prefer tangible assets over traditional paper portfolios.