Citi Survey: Family Offices Rank Inflation Top Concern, Boost Gold and Equities Allocations

Inflation has overtaken trade wars and tariffs as the top risk for ultra-high-net-worth investors, according to Citi's 2026 Global Family Office Report, which surveyed more than 350 family offices across 40-plus countries between June and July 2026. Rising interest rates and global financial system stability ranked second and third. More than 90% of surveyed institutions reported positive portfolio returns in 2026, with nearly half adding to listed equities in the first half. Public stocks emerged as the preferred asset class for future net additions. Gold allocations also climbed, with Citi noting the metal now features in nearly every client conversation, driven by fiscal pressures and inflation across developed economies. Citi has expanded its London precious metals vault to offer gold storage and clearing. Gold held firm even after the Federal Reserve raised rates by 25 basis points on Sept. 16, 2026 — its first hike since 2023. Gold ETFs recorded three consecutive months of net inflows, drawing roughly 50 tonnes since September. TD Securities analysts cited falling energy prices and long-term investors adding exposure on dips.