Citi Wealth has published its 2025 Global Family Office Report, providing insight into the priorities and strategies of some of the world’s most sophisticated investors. Compiled by Citi Wealth’s Global Family Office Group, which works with more than 1,800 family offices globally, the report draws on feedback from 346 family offices across 45 countries who took part in a survey earlier this year.
Against a backdrop of geopolitical uncertainty, shifting trade policies and rapid technological change, the study highlights how family offices are positioning themselves across investments, operations, and governance.
Key findings include:
- Portfolio discipline: Most family offices kept their allocations steady, waiting for greater clarity on trade policy. Where changes occurred, they tended to be bullish, with private equity drawing the most positive momentum.
- Positive return expectations: Despite uncertainty about which asset classes will lead, many expect strong portfolio performance in the next 12 months, underpinned by potential U.S. policy shifts, interest rate cuts and AI adoption.
- Active volatility management: U.S. tariff moves prompted quick adjustments, with 39% leaning on active management, defensive assets, and hedging strategies to protect portfolios.
- Direct investing surge: 70% of family offices reported involvement in direct investments, with 40% increasing their activity over the past year, showing confidence in deal selection.
- Geopolitical risk on top: Trade disputes (60%), U.S.-China relations (43%) and inflation (37%) ranked as the most pressing concerns, driving renewed focus on asset location and jurisdictional choices.
- Professionalisation gaps: While investment practices are maturing, risk management, cybersecurity, and succession planning still require improvement.
- Outsourcing on the rise: More offices are exploring external service providers to manage complexity, while still retaining decision-making control.
- AI adoption accelerating: The share of family offices deploying AI has doubled since last year, particularly for automating processes and enhancing analytics, though full integration remains a work in progress.
Almost all respondents anticipated gains in the coming year, with nearly four in ten projecting returns of at least 10%. However, confidence across individual asset classes has softened compared to 2024.
Commenting on the findings, Citi executives stressed the dual themes of resilience and innovation. Hannes Hofmann, Head of Citi Wealth’s Global Family Office Group, noted that family offices are “refining priorities and reimagining operations,” while Dawn Nordberg highlighted growing demand for direct deals in transformative technologies and across sectors.
Risk remains a central issue: 70% flagged investment-related risks, followed by operational (37%) and family-related (33%). Despite steps forward in professionalisation, about half admitted being underprepared for cybersecurity, personal security, and geopolitical threats. Alexandre Monnier, Head of Global Family Office Advisory, emphasised that developing stronger risk management and succession frameworks will be key for long-term resilience.
