Citi Survey: Inflation Surpasses Tariffs as Top Concern for Family Offices; Gold and U.S. Equities See Increased Allocation
nashnova research
Citi's annual survey of 350 family offices worldwide shows inflation has displaced tariffs as the No. 1 concern, with over 90% posting positive returns this year and capital shifting from private markets toward U.S. equities and gold.
What do the world's wealthiest families fear most right now?
The answer this year is no longer trade wars — it is inflation, overtaking tariffs for the first time as the top risk.
Interest-rate moves and global financial-system stability rank second and third.
This means → Ultra-high-net-worth families judge that tariff shocks are foreseeable and hedgeable, but inflation's erosion of purchasing power is harder to control.
Key data point: three of the world's four largest economies are running inflation above 3%, keeping rates elevated and dragging on growth.
Where is the money moving — and why are public markets beating private?
Over 90% of surveyed family offices posted positive returns this year; nearly half added to listed equities in the first half.
Public equities are now the top asset class for net new allocation, with U.S. stocks at the core.
In plain terms = The ultra-wealthy used to prize the "high-barrier premium" of private funds; now they value transparency and liquidity in listed companies more.
Citi executive Andy Sieg was blunt: private-market valuations are in doubt, especially for assets facing regulatory action or uncontrollable uncertainties — their appeal has visibly faded.
Why is gold "in almost every client conversation"?
Citi wealth head Sieg says the intensity of gold discussions is worlds apart from two years ago.
His explanation: multiple developed economies face severe fiscal positions and stubborn inflation simultaneously — wealthy families now see gold as the real "hard currency."
This means → Gold's role is upgrading from "safe-haven sideshow" to a core position hedging sovereign-currency credit risk.
Concrete move: Citi recently joined a select group of banks in London's gold hub for vault custody and clearing, specifically to serve rising client demand for physical gold.
How long can this great capital migration last?
Two variables will decide whether the trend continues: whether inflation stays elevated, and whether private-market valuations recover.
If inflation cools and rates pivot, public markets' relative appeal may fade and private equity could regain favor.
In plain terms = This is not a permanent move — it is a bet on how long the high-inflation regime lasts.
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