Citi Wealth has published its 2025 Global Family Office Report, providing insights into the strategies and priorities of some of the world’s most sophisticated investors. Produced by Citi Wealth’s Global Family Office Group—which works with more than 1,800 family offices globally—the report highlights investment sentiment, portfolio actions, and operational best practices against the backdrop of geopolitical tensions, trade policy uncertainty, and rapid technological transformation.
This year’s edition is based on a record 346 survey responses from family offices across 45 countries, conducted in June and July 2025. It captures how investor expectations and strategies have shifted following recent U.S. tariff announcements.
“These are exciting times for family offices worldwide—especially in the Middle East. A high proportion of first-generation families continue to control wealth, reflecting a resurgence of wealth creation in the region. At the same time, the UAE is experiencing a significant inflow of wealthy individuals relocating from abroad, further reinforcing its position as a global hub for family offices,” said Hannes Hofmann, head of Citi Wealth’s Global Family Office Group. “These sophisticated clients are finding new ways to address their families’ ever-increasing expectations. We are proud to partner with them, drawing upon Citi’s global reach and deep resources to help them seize potential opportunities and achieve their ambitious goals.”
Key findings from the 2025 report:
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Generational control of wealth: Europe, the Middle East and Africa (56 per cent) had the highest proportion of first-generation families in control, while Asia Pacific led in second-generation control (43 per cent), signaling market maturity.
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Geopolitical concerns: Trade disputes (60 per cent), U.S.-China relations (43 per cent), and inflation (37 per cent) ranked as top issues. This has spurred renewed focus on asset location and jurisdictional strategy.
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Steady allocations: Most family offices held allocations steady while awaiting clarity on trade policy. Among those making changes, private equity saw the most bullish activity.
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Optimism for returns: Despite uncertainty, family offices remain upbeat, citing potential US deregulation, rate cuts, and advances in AI as reasons for optimism.
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Active volatility response: US tariff moves triggered adjustments, with 39 per cent increasing active management, hedging, and shifts to defensive geographies.
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Direct investing: 70 per cent of family offices are engaged in direct deals, with 40 per cent increasing activity in the past year.
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Professionalisation gaps: More progress is needed in areas like risk management, cybersecurity, and succession planning.
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Outsourcing services: Many family offices are considering external support, though decision-making largely remains in-house.
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AI adoption: The share of offices deploying AI doubled year-on-year, particularly in operational automation and investment analytics.
Almost all respondents anticipated portfolio gains over the next 12 months, with nearly 40 per cent expecting returns of 10 per cent or more, though sentiment toward individual asset classes was more muted than in 2024.
“Family offices globally remain highly focused on direct investing, as they seek exposure to the key transformative technologies of tomorrow and attractively valued companies across sectors,” said Dawn Nordberg, Head of Integrated Client Engagement for Citi Wealth. “We have a specialist team that works alongside colleagues from Citi’s world-class investment bank. Our mission is to enable our sophisticated family office clients to access proprietary private capital raises, asset divestitures and thought leadership across industries and geographies to support their direct investing.”
Risk remains a core challenge. While 70 per cent cited investment-related risks, operational (37 per cent) and family-related risks (33 per cent) followed closely. However, around half admitted being underprepared for cybersecurity, personal security, and geopolitical threats, reflecting resource constraints.
“Our survey reveals ongoing professionalisation among family offices, particularly in the investment function,” said 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.”
