Inflation overtakes tariffs as top concern for global family offices, Citi survey finds
A Citigroup survey of 350 family offices across over 40 countries, conducted in June and July, found that inflation has surpassed trade wars and tariffs as the primary concern for ultra-wealthy investors in 2024. Despite this, over 90% reported positive portfolio returns, and nearly half increased holdings in listed stocks. Public equities are now the preferred asset class for future allocations, while gold has seen a resurgence in demand, with Citigroup expanding its London vault services.
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Inflation overtakes tariffs as top concern for family offices, driving gold and US stock allocations
A Citigroup survey of 350 family offices across 40 countries reveals that inflation has surpassed trade wars and tariffs as the primary concern for ultra-wealthy investors in 2024. The survey, conducted from June to July, shows that interest rate changes and global financial system stability follow as key worries. Despite these concerns, over 90% of family offices reported positive portfolio returns, with nearly half increasing their holdings in publicly traded stocks during the first half of the year. Public equities are now the preferred asset class for future net allocation increases, partly due to valuation uncertainties in private markets. Gold has also seen a significant resurgence in appeal, with Citigroup's wealth head Andy Sieg noting that gold now appears in nearly every client conversation, a stark contrast to two years ago. Citigroup has expanded its London gold vault and clearing services to meet rising demand for physical gold from wealthy clients. The report attributes the shift to persistent inflation above 3% in three of the four largest global economies, keeping interest rates elevated and constraining growth.
Read sourceInflation Overtakes Tariffs as Top Concern for Family Offices, Citigroup Survey Shows
A new Citigroup survey reveals that inflation has surpassed trade wars and tariffs as the primary concern for global family offices in 2024, reshaping asset allocation among the ultra-wealthy. The annual Global Family Office Report, based on responses from 350 family offices across over 40 countries, found that interest rate changes and financial system stability are also top worries. Despite these concerns, over 90% of respondents reported positive portfolio returns this year, and nearly half increased their holdings of publicly traded stocks in the first half of the year. Public equities are now the preferred asset class for net new allocations, favored over private markets due to valuation uncertainties. The survey also highlights a surge in demand for gold, with Citigroup expanding its London vault services to meet client needs. Andy Sieg, head of Citigroup's wealth business, noted that gold now appears in nearly every client conversation, a stark contrast to two years ago, as wealthy families view it as a 'hard currency' amid high inflation and fiscal challenges in developed economies.
Read sourceCiti Survey: Family Offices See Inflation as Top Concern, Favor Stocks and Gold
A Citigroup global family office survey, based on responses from 350 firms across 40 countries in June and July, reveals that inflation has overtaken trade wars and tariffs as the primary concern for wealthy families in 2024. Andy Sieg, head of Citi's wealth business, noted that these successful families are sensitive to rising lifestyle costs. Following inflation, top concerns include interest rate changes and global financial system stability, reflecting rising anxiety about economic structural robustness amid high inflation and geopolitical pressures. Despite these worries, over 90% of respondents reported positive portfolio returns this year, with nearly half increasing allocations to listed stocks in the first half. Sieg stated that listed stocks are the preferred asset class for future net allocation, citing strong market performance and skepticism about private market valuations. The report also highlights a surge in interest in gold as a hedge against inflation, with Sieg noting that clients now frequently discuss gold as a potential 'currency' in an environment of fiscal challenges and rising inflation across developed economies.
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Citigroup Survey: Family Offices Rank Inflation as Top Concern, Favor Stocks and Gold
According to Citigroup's annual global family office report, inflation has overtaken trade wars and tariffs as the primary concern for these private investment institutions in 2024. The survey, conducted in June and July, polled 350 firms across over 40 countries. Despite inflation worries, over 90% of respondent family offices reported positive portfolio returns this year, and nearly half increased their allocation to listed stocks in the first half. The report also highlights a surge in interest in gold as a hedge against inflation. David Sieg, a Citigroup executive, noted that gold has become a frequent topic in client discussions, contrasting with two years ago when currency pairs were the focus. He suggested that many family offices now view gold as a 'currency' in the face of widespread fiscal challenges and rising inflation across developed economies.
Read sourceCiti Survey: Family Offices See Inflation as Top Concern, Favor Stocks and Gold
According to Citigroup's annual global family office report, based on a survey of 350 firms in over 40 countries conducted in June and July, inflation has replaced trade wars and tariffs as the primary concern for these private investment institutions this year. Despite this worry, over 90% of surveyed family offices reported positive portfolio returns in 2023, and nearly half increased their allocation to listed stocks in the first half of the year. The heightened concern over inflation has also boosted investor interest in gold. Sieg, a Citi representative, noted that he now discusses gold with clients in nearly every conversation, a shift from two years ago. He suggested that with many developed economies facing similar fiscal challenges and rising inflation, gold may be viewed as the current 'currency' by global families.
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