Global family offices remain optimistic about returns and have increased their portfolio resilience against a tumultuous economic and political background, the 2025 Global Family Office report revealed.
The survey of 346 family offices worldwide, each with an average net worth of $2.1 billion, almost all said they anticipated growth in their portfolios in the coming year, with 30 per cent expecting returns of 10–15 per cent and 8 per cent projecting gains above 15 per cent.
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Constrained by external friction, most family offices largely stayed with their existing strategies. Half kept the same amount invested in bonds, while two-thirds did the same in property. Private equity was the main area of growth, with more families increasing their investments than reducing them. Almost three-quarters of respondents said they are looking to acquire direct stakes in companies, the report highlighted.
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Family offices with more than $500 million to invest were more likely than smaller ones to put more money into almost every type of asset, except fixed income. The biggest increases among larger were in private equity (+27 per cent) and real estate (+18 per cent). Smaller family offices also put more money into private equity (+25 per cent). However, compared with 2024, fewer family firms overall said they were increasing allocations in every asset class except cash. So, while investors are still generally positive, their enthusiasm has cooled since last year.
Global trade tensions triggered by US President Donald Trump were the leading concern for 60 per cent of respondents. Other worries included US-China relations (43 per cent) and a resurgence of inflation (37 per cent).
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Following Trump’s self-styled ‘Independence Day’ in April, trade tariffs have triggered market turmoil and instability. In the aftermath of Trump’s announcement, nearly two-thirds of family offices made changes to protect their investments. About 39 per cent said they were taking an active approach to investments, while 25 percent moved money into safer types of assets (bonds, gold, cash etc) and 15 per cent shifted to less risky regions. Another 14 per cent took steps to reduce risk through hedging and 13 per cent moved their investments into safer industries.
But it is not just external factors that are challenging family offices. About half admitted they are not well prepared for threats such as cyberattacks and personal security issues.
Seven in ten see investment risk as their main worry, while more than a third highlight operational risks and one in three point to family-related challenges. More encouragingly, a third of respondents were working on family leadership succession plans and family education programmes.
Alexandre Monnier, head of global family office advisory for Citi Wealth. ‘It also identifies areas where further development is crucial, such as risk management and talent acquisition for non-investment services. Our findings can help frame the discussion for those seeking to formalise their operations, prepare their family’s future leaders and preserve and grow generational wealth.’
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‘These are exciting times for family offices worldwide, Hannes Hofmann, head of Citi Wealth’s global family office group, said. ‘These sophisticated clients are finding new ways to address their families’ ever-increasing expectations.’
