Family offices increase investments in equities and private equity — CNBC

Family offices managing the wealth of ultra-rich families plan to increase investments in developed-market equities, private equity and direct investments over the next 12 months despite growing concerns about inflation. This is indicated by a Citi Wealth survey reported by CNBC.

Inflation becomes the main risk

In the annual survey conducted in June and July among 351 firms, 63% of respondents named inflation as their main investment concern. A year earlier, 37% of survey participants gave that answer.

Concerns about trade disputes and tariffs, by contrast, declined significantly: 18% of respondents named them a key risk, compared with 60% in 2025. Among other concerns, respondents cited changes in interest rates at 44%, market volatility at 34%, and the conflict in the Middle East at 32%.

Betting on equities and private equity

Despite inflation risks, the structure of family office portfolios changed moderately over the past year. The net difference between the share of those who reduced investments in fixed-income instruments and those who increased them was 3 percentage points. At the same time, the net figure for firms that increased investments in publicly traded equities reached 34%, although 42% of respondents did not change this share of their portfolios.

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After equities, private equity and cash attracted the largest amount of additional capital: the net figure for increased investment in each of these categories was 15%. Over the next 12 months, nearly one-third of survey participants on a net basis intend to increase investments in equities of developed countries, while about 10% plan to increase private equity investments through direct deals or funds.

Caution over private credit

Family offices showed the most negative sentiment toward private credit: the net figure for those planning to reduce investments in this segment was 12%. Intentions to reduce the share of emerging-market bonds and cash also prevailed, but the difference between supporters of decreasing and increasing investments in these categories was only 6 percentage points.

Among North American family offices, 37% plan to increase real estate investments, compared with 25% among all respondents. Overall, 40% of survey participants said they intend to make direct investments more actively, while 11% plan to somewhat reduce or suspend such activity.