Citi Wealth: Family offices increase allocations to public equities

23 september 2026

Almost half of respondents increased their exposure to public equities this year, making the asset class the main destination for new capital, according to Citi. Global developed-market equities were the most favoured asset class for future net allocations.

The shift comes against a backdrop of continued economic and market uncertainty. Almost 90% of respondents reported positive year-to-date portfolio performance, while 41% continue to target annual returns of between 7% and 10%.

Inflation emerged as a leading concern among family offices in 2026, followed by interest rate developments, financial system stability and market volatility. Trade disputes and tariffs, which featured more prominently in Citi’s 2025 survey, declined as sources of concern.

No broad portfolio shift amid geopolitical uncertainty

Recent geopolitical developments have not resulted in widespread portfolio repositioning, according to the survey. More than 40% of respondents made no major changes, while others used active management, hedging and targeted portfolio adjustments.

Citi interprets these findings as evidence that family offices are placing greater emphasis on portfolio resilience while maintaining their strategic investment objectives. The bank expects short-duration income assets, quality exposures and inflation-sensitive diversifiers to play a greater role in preserving real wealth. This represents Citi’s outlook rather than a finding from the survey itself.

Private markets remain an important part of family office portfolios. The survey found continued interest in private equity, direct investments and growth-stage opportunities. Citi also reported greater selectivity among family offices, with increased emphasis on sourcing, expertise and access to investment opportunities.

AI use moves beyond experimentation

The use of artificial intelligence is also expanding. Respondents reported deploying AI in areas including investment analysis, information management, reporting, workflow automation and decision support.

According to Citi, the current emphasis is primarily on improving productivity rather than generating additional investment returns. Family offices reported benefits including faster information processing, greater efficiency and enhanced due diligence capabilities, while final decisions generally remain with human decision-makers.

Family offices are also devoting more attention to their organisational structures. Operational planning, risk management, governance and succession are among the areas receiving increased focus, according to the report.

Internationalisation adds complexity

The increasing internationalisation of family wealth is creating additional organisational challenges. Some 38% of respondents expect their families to become more international over the next five years.

With family members, businesses and assets often spread across multiple jurisdictions, Citi said family offices are increasingly dealing with issues including tax co-ordination, asset structuring, regulatory compliance and cross-border planning.

Succession is another area of focus. Around one-third of respondents expect a leadership transition within their family, family office or family business over the next five years. Unclear succession plans, insufficient preparedness among future leaders and a lack of alignment over future direction were among the challenges identified by respondents.

Family offices are using educational programmes, participation in governance, engagement with advisers and practical experience to prepare the next generation, according to the report.

The survey was conducted in June and July 2026 among 351 Citi Wealth clients in 41 countries. It was launched during Citi Wealth’s annual Family Office Leadership Summit, attended by more than 150 family office leaders from over 25 countries. Citi Wealth’s Global Family Office Group works with more than 1,900 family offices worldwide.