Inflation has replaced trade disputes and tariffs as the leading concern among single-family offices worldwide, according to Citi Wealth’s eighth annual Global Family Office Report. The survey covered more than 350 offices across over 40 countries in June and July 2026. Nearly two-thirds of respondents identified inflation as their primary concern, compared with 60% citing trade disputes and tariffs in the previous report; trade concerns fell to 18% in the latest survey. Rising interest rates ranked second at 44%, followed by global financial-system stability at 38%. Despite the risks, more than 90% of offices reported positive portfolio returns this year, and nearly half increased allocations to listed equities in the first half. Listed equities were the leading asset class for future net additions, while skepticism about private-market valuations reduced the appeal of some private assets. Inflation concerns have also elevated gold’s role in portfolios. Citi Wealth’s Andy Sieg said he now discusses the metal in virtually every client conversation, and Citigroup recently expanded its London precious-metals vault capacity to meet demand for physical gold storage and clearing. Gold ETFs recorded net inflows for three consecutive months, attracting roughly 50 tonnes since September, even after the Federal Reserve raised rates by a quarter percentage point on Sept. 16, its first increase since 2023. The positioning reflects a two-track strategy: pursuing growth through public equities while using gold to hedge inflation, interest-rate and financial-system risks.