​Citi Wealth Releases 2025 Global Family Office Report

                                  Top Priorities: Portfolio Resilience, Navigating Global Trade Disputes and Addressing Family Needs
 
The region with the highest proportion of first-generation families controlling wealth was Europe, the Middle East and Africa (56%), reflecting a resurgence of wealth creation.
 
Dubai, United Arab Emirates – 24 September 2025: Citi Wealth released its 2025 Global Family Office Report, offering a rare glimpse into the thinking and behaviors of some of the world’s most sophisticated investors. The report was compiled by Citi Wealth’s Global Family Office Group, which works with over 1,800 family offices worldwide.
 
Amid trade policy uncertainty, geopolitical tensions and technological transformation, this flagship publication explores issues such as investment sentiment, portfolio actions and operational best practices. Its findings are drawn from an annual survey, in which a record 346 family office respondents from 45 countries participated. Conducted in June and July 2025, the survey sheds light on how expectations and strategies have changed since the U.S. tariff announcements earlier this year.
 
“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, comments Hannes Hofmann, Head of Citi Wealth’s Global Family Office
Group.  
 
Key themes to emerge include:
 
 Generations in control of the wealth: The region with the highest proportion of
first-generation families controlling wealth was Europe, the Middle East and Africa
(56%), reflecting a resurgence of wealth creation. Asia Pacific led the way with
second-generation control (43%), indicating a maturing market.
 
 Geopolitical Concerns: Global trade disputes emerged as a top concern (60%) for
family offices, followed by U.S.-China relations (43%) and a resurgence of inflation
(37%). Geopolitical tensions and government initiatives to attract capital are fueling
interest in asset location and a re-evaluation of jurisdictions.
 
Staying Resolute: Asset allocations were largely held steady, with family offices
making fewer shifts than last year, pending greater clarity on trade policy. Among
those implementing changes, bullish moves predominated. Private equity saw the
most positive activity.
 Optimistic Outlook: Family offices expressed optimism about 12-month portfolio
returns, despite limited consensus about which asset classes might drive
performance. Potential U.S. deregulation, interest rate cuts and advances in artificial
intelligence may explain positive sentiment.
 
 Active Response to Market Volatility: U.S. tariff announcements triggered swift,
calculated adjustments to bolster portfolio resilience, with 39% of family offices
favoring active management. They also pivoted toward perceived defensive asset
classes and geographies as well as hedging strategies.
 
 Strong Commitment to Direct Investments: Seventy percent of respondents said
they were engaged with direct investments. Of those, four out of ten said they had
increased or significantly increased their activity in the last year, suggesting
confidence in their ability to select deals that drive returns.
 
 Professionalization Gaps: While family offices have made progress in
professionalizing their investment function, more improvement is needed in
operational risk management, cybersecurity and leadership succession planning.
 
 Outsourcing Services: To manage their growing responsibilities in a cost-efficient
manner, many family offices are considering external suppliers, but with decision-
making authority largely remaining in-house.
 
 Advancing AI Deployment: The proportion of respondents mentioning they had
deployed AI has doubled since last year, particularly in the automation of operational
tasks and investment analytics. However, full integration will take time.
 
Almost all respondents said that they anticipated portfolio upside over the year ahead – with
nearly four out of ten family offices expecting returns of 10% or more. That said, sentiment
toward many individual asset classes was somewhat less positive than it was in 2024’s
survey.
 
When it comes to risks faced, 70% of respondents cited those related to investments,
followed by operational (37%) and family-related risks (33%). But while many family offices
reported strengthening risk management, approximately half of respondents acknowledged
being underprepared to address cybersecurity, personal security and geopolitical risks.
Resource constraints remain a significant challenge here.
 
Our survey reveals ongoing professionalization among family offices, particularly in the
investment function, explains Alexandre Monnier, Head of Global Family Office
Advisory for Citi Wealth. 


This year’s survey was initiated during Citi Wealth’s tenth annual Family Office Leadership Summit in June 2025. The event was attended by over 150 family office leaders from more than 25 countries, with an average family net worth of $3.8 billion. The 56-question survey was subsequently opened to the wider population of family office clients globally. About the Global Family Office Group

Citi Wealth’s Global Family Office Group serves single family offices, private investment companies and private holding companies, including family-owned enterprises and foundations, around the world. The team offers clients comprehensive private banking and advisory services, institutional access to global opportunities and connections to a community of like-minded peers.

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader
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Citi does business in more than 180 countries and jurisdictions, providing corporations,
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