90% of world’s richest family offices made money in 2026 YTD: Where are they investing?

Their biggest worry was not war but inflation, flagged by nearly two-thirds of respondents. These findings come from Citi Wealth’s 2026 Global Family Office Report, based on 351 family offices across 41 countries. It also shows where their money is heading, from stocks to private deals. Just over half of respondents (54%) reported assets under management exceeding $500 million, while 46% managed less than that amount.

Portfolio Performance

Nearly nine in ten respondents reported positive portfolio performance year-to-date, while 41% continue to target annual returns of 7% to 10%. Most respondents also maintain significant tolerance for drawdowns before reconsidering strategy. This shows their commitment to long-term investing rather than reactions to short-term volatility.

Nearly nine in ten family offices reported gains in 2026 year to date, an increase of five percentage points compared with the previous year. Nearly 60% of respondents reported portfolio gains between 0 and 10%, while 13% reported an increase of more than 15%. Notably, just 5% of respondents experienced negative returns.

Nearly 72% would wait for a drawdown of 11% or more before rethinking strategy. Looking ahead, 37% plan to raise exposure to global developed equities, while only 5% plan to cut.

Year-over-year analysis (2025 vs 2026)

Source: Citibank

Primary Concerns

Inflation worried nearly two-thirds of respondents. Interest rates came next at 44%, then the stability of the global financial system at 38%. Market volatility stood at 34% and the Middle East conflict at 32%.

After the Middle East shock, 41% made no changes. Another 34% opted for active management, and 27% used hedging. Asia Pacific was the most hands-on region, with 62% citing active management. In North America, 60% did not adjust.

Source: Citibank

Where does the money actually sit?

Public equities hold the biggest share at 30%. Fixed income takes 16% and cash 12%. Direct real estate holds 10%, while private equity funds and direct private equity hold 9% each. Hedge funds are just 4%.

North America is the top pick for fresh money, with 39% planning to increase exposure and only 6% planning to cut. Asia Pacific excluding China is next at 29%. China is mixed: 19% plan to increase, but 26% have no exposure.

Global View

Family offices largely focused on making surgical, strategic adjustments rather than wholesale changes to their portfolio over the past 12 months.

Public equity had the highest net increase, at 34 percentage points, followed by private equity and cash, at 15 percentage points. The rise in cash allocations might indicate a defensive move by some family offices in response to geopolitical instability.

Source: Citibank

Three words sum up the whole report

Citi says the story comes down to capital, capability and continuity. Capital is about investing with confidence. Capability is about running family offices more like institutions. Continuity is about passing wealth on.

On capital, family offices across regions, generations and asset sizes are investing with confidence. Uncertainty is not causing them to stand still. It is making them more deliberate, states the report.

On capability, they are becoming more institutional in how they invest, more sophisticated in how they manage risk, and more intentional in how they prepare for the future. This shows up clearly in artificial intelligence: family office leaders describe moving from AI experimentation to broader implementation in just 12 months, a faster pace than many expected.

On continuity, families are confronting succession and generational change with new urgency. Leadership succession and next-generation preparedness, once distant considerations, are now immediate priorities.

The simple takeaway

The rich are not running from risk. They are managing it, staying invested and watching inflation closely.