Despite growing concern over inflation, global family offices are expanding public equity allocations while showing minimal interest in digital assets, according to Citi Wealth's 2026 Global Family Office Report. The survey of 351 family offices across 41 countries reveals that 63% of respondents view inflation as their primary worry, yet only 3% plan to increase exposure to digital assets over the next year.
Equity Allocations Rise Amid Inflation Fears
The report highlights a notable pivot in investor concerns, with inflation rising to 63% from 37% in 2025, while tariff concerns dropped to 18% from 60%. However, these fears have not prompted equity liquidations. Over the past 12 months, 46% of family offices raised public equity exposure, whereas only 12% reduced it. The net increase in public equity allocations was 23 percentage points larger than in the 2025 survey. Over the next 12 months, 37% plan to increase allocations to developed-market equities, while just 5% plan reductions.
This allocation strategy mirrors trends in broader US household balance sheets, where equities account for 39.9% of household net worth—the highest level in Federal Reserve records. Meanwhile, home equity fell to 19.3%, creating a 20.6 percentage point gap. Alexandre Monnier, head of family office advisory at Citi Wealth, explained that family offices are approaching risk management more actively to stay invested during market uncertainty rather than retrenching. Macroeconomic pressures continue to shape asset allocation as investors observe how bitcoin faces inflation pressure.
Digital Assets See Low Demand Despite Few Barriers
Interest in digital assets remains subdued compared to traditional markets, even as capital flows into crypto products such as when US crypto ETFs pull in billions. While 3% of family offices plan to add digital assets, 14% expect to reduce their holdings over the coming year.
This muted demand occurs despite 46% of family offices stating they face no significant barriers to increasing digital asset allocations. Among those reporting obstacles, 27% identified a lack of internal expertise or governance frameworks as the primary issue—a gap that was most prevalent among North American respondents at 34%.
Key Takeaways
- 63% of family offices cite inflation as their top concern, up from 37% in 2025.
- 37% intend to allocate more capital to developed-market equities, compared to 3% for digital assets.
- 14% of respondents plan to reduce digital asset holdings over the next year.
- 27% of family offices overall and 34% in North America cite a lack of internal expertise or governance frameworks as their biggest hurdle.
Why It Matters
The divergence between rising equity allocations and stagnant crypto demand demonstrates that ultra-high-net-worth investors do not yet view digital assets as a primary hedge against inflation. Even as operational barriers ease, private wealth management structures remain constrained by a lack of internal governance and specialized crypto expertise. Until family offices build dedicated advisory capabilities, capital deployment into digital assets from traditional private wealth channels is likely to remain muted.
