On September 22nd, Citi Global Wealth released its latest “2025 Global Family Office Report”, based on a survey of over 300 family offices worldwide. The report revealed that family offices are increasingly leaning towards direct investments and private equity allocations, while showing a high level of interest in technology and sustainable development-related fields.
Family offices are institutions that provide comprehensive services such as wealth management and inheritance planning for ultra-high-net-worth families.
According to the report, approximately two-thirds of family offices plan to increase direct investments in the next three years, especially in areas such as technology, healthcare, and sustainable energy. Moreover, family offices are gradually moving towards institutionalization, adopting investment processes and risk management methods similar to institutional investors.
Global ultra-high-net-worth families, through family offices, have evolved from passive investors to actively engaging in venture capital, private equity, and direct investments. The survey data indicates that the influence of family offices is rapidly expanding.
In terms of investment strategies, many family offices are choosing to bypass traditional funds and directly invest in businesses or projects to seek higher returns and control. Private equity and venture capital investments are seen as important avenues for value addition.
James Holder, Head of Global Family Office Business at Citi Private Bank, stated that “Technology and sustainability remain core themes for family office investments, focusing on opportunities that deliver financial returns while aligning with broader impact goals.”
Diversification and sustainable investment structures, along with ESG (Environmental, Social, Governance) considerations, have become integral parts of investment decision-making. Many family offices view impact investing as a way to balance family values and wealth growth.
Family offices place importance on geographic diversification of assets to reduce risks associated with geopolitical tensions and market fluctuations. Sensitivity to inflation, interest rates, and currency fluctuations has increased, leading to more flexible asset allocations.
The report also highlights the growing importance of the next generation in family wealth management. Many families are emphasizing governance structures, education and training, and values transmission to prevent wealth erosion.
In summary, the report reveals that global family offices are rapidly professionalizing and internationalizing, shifting from traditional wealth preservation to proactive investments, and integrating governance, succession, and sustainability goals, becoming a significant “invisible force” in the global financial market.
Ida Liu, CEO of Citi Global Wealth Management, stated that “Family offices are evolving into mature investors, with a growing appetite for private markets and direct investments, reflecting their long-term investment outlook and desire for greater control.”
Citi’s release of the “2025 Global Family Office Report” provides a rare opportunity to understand the mindset and behaviors of some of the most sophisticated investors globally. The report was compiled by Citi Global Wealth’s Global Family Office Group, which collaborates with over 1800 family offices worldwide.
In the backdrop of trade policy uncertainties, geopolitical tensions, and technological transformations, Citi stated that this flagship publication delves into investment sentiment, portfolio actions, and best practices. This annual survey involved 346 family office participants from 45 countries, setting a historical record. The survey conducted in June and July 2025 revealed how family offices’ expectations and strategies have evolved since the earlier announcement of increased tariffs by the United States.