Citi survey reveals inflation as top concern for family offices, overtaking trade disputes
Nearly two-thirds of ultra-wealthy family offices now rank inflation as their biggest worry, a sharp reversal from last year's tariff anxieties
The ultra-wealthy have a new boogeyman, and it’s the same one squeezing everyone else’s grocery bill. Citi Wealth’s eighth annual Global Family Office Report found that inflation has surged to the top of the worry list for single-family offices worldwide, displacing the trade disputes that dominated conversations just a year ago.
The survey, which polled more than 350 single-family offices across over 40 countries during June and July 2026, found that nearly two-thirds of respondents flagged inflation as their primary concern. That’s a meaningful jump from the prior year’s report, where trade disputes and tariffs led the pack at 60%.
The concern landscape has shifted dramatically
Trade disputes and tariffs, which topped the chart in last year’s survey, collapsed to just 18% of respondents citing them as a significant concern. That’s a drop of more than 40 percentage points in a single year.
Rising interest rates came in as the second-biggest worry at 44%. Stability of the global financial system ranked third at 38%. The overall picture is one of families with an average net worth of approximately $2.1 billion looking at the macro environment and seeing price pressures as the dominant threat to their wealth preservation strategies.
Despite the worry, portfolios are performing
About 90% of surveyed offices reported positive year-to-date portfolio performance as of September 2026. Some 41% of family offices are aiming for annual returns in the 7-10% range.
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Asia-Pacific family offices have been particularly aggressive performers. A full 22% of APAC offices achieved year-to-date returns above 15%, leading all regions.
Direct investments also remain a core part of the playbook. Seventy-nine percent of family offices reported involvement in direct investments, bypassing traditional fund structures to deploy capital straight into companies and deals.
How the wealthy are positioning for inflation
The report indicates that family offices are actively repositioning portfolios around inflation. The trend is toward diversified investment strategies that include inflation-sensitive assets and short-duration income. Succession planning has also taken on renewed importance alongside these portfolio shifts.