Family Offices Lean Into Stocks and Private Equity Despite Inflation Fears
A new Citi Wealth survey shows family offices increasing equity and private equity allocations even as inflation surpasses tariffs as their top concern.
Wealthy family offices are not retreating from risk assets despite mounting macroeconomic anxiety. According to a new Citi Wealth survey, these sophisticated investors are doubling down on both public equities and private equity even as inflation has emerged as their single greatest investment concern heading into 2026 — displacing tariffs, which dominated the worry list in prior periods.
The shift in sentiment is notable because it reflects a calculated bet rather than blind optimism. Family offices, which manage the fortunes of ultra-high-net-worth dynasties and typically operate with longer time horizons than institutional funds, appear to be treating inflation as a persistent but navigable headwind rather than a reason to rotate defensively into cash or bonds. The continued commitment to private equity in particular signals confidence in illiquid, long-duration strategies even when the macro backdrop is unsettled.
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The dethroning of tariffs as the primary concern is itself a meaningful data point. Through much of 2024 and into 2025, trade policy uncertainty generated by escalating U.S.-China tensions kept family offices on edge about supply chain disruptions and corporate earnings exposure. That inflation has now taken the top spot suggests these investors believe trade tensions have either stabilized or become more predictable, while price pressures remain stubbornly embedded in the economic outlook.
From an analytical standpoint, the survey underscores a broader dynamic playing out across sophisticated capital: the fear of being left behind in a still-performing equity market can outweigh the caution that inflation ordinarily inspires. For family offices with multi-generational mandates, the real risk of inflation may actually reinforce the case for real assets and equities over fixed income, making the survey results internally consistent even if counterintuitive at first glance.
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