Family Offices Shift New Capital Toward Public Equities, Citi Finds
Family offices are directing more new capital toward public equities while retaining private investments and preparing for leadership transitions, according to Citi Wealth’s 2026 Global Family Office Report.
Nearly half of respondents increased their public equity exposure this year, making stocks the leading destination for new capital. Global developed-market equities ranked highest for future net allocations. Private equity remained a portfolio pillar, although Citi said respondents were becoming more selective about opportunities and placing greater emphasis on sourcing and expertise.
The findings come from a survey of 351 Citi family office clients in 41 countries conducted in June and July. Because the respondents were Citi clients, the results describe their views and actions rather than those of all family offices.
Nearly 90% reported positive portfolio performance for the year to date, while 41% targeted annual returns of 7% to 10%. Geopolitical developments had not prompted a broad retreat: More than 40% said they had made no major portfolio changes. Others reported using hedges, active management and targeted adjustments to manage risk.
Inflation emerged as a leading concern, followed by interest rates, financial system stability and market volatility. Trade disputes and tariffs receded as concerns compared with Citi’s 2025 survey.
The report also points to changes beyond portfolios. Family offices are using artificial intelligence for investment analysis, reporting and workflow tasks, with a focus on efficiency while people retain final decision-making authority. Thirty-eight percent expect their families’ international footprint to expand over the next five years, adding to tax and regulatory complexity.
About one-third anticipate a leadership transition in the family, family office or family business within five years. That prospect is bringing succession planning and preparation of the next generation closer to the top of their agendas.