Family-office portfolios differ by region in Citi Wealth's 2026/27 Global Family Office Report. Asia-Pacific offices hold 20% in cash, Latin American offices 24% in fixed income, and North American offices 13% in direct real estate. The regions describe where each responding office is based, not where its investments sit.
What does the regional data measure?
Citi Wealth's 2026/27 Global Family Office Report surveyed 351 family-office clients across 41 countries. The geographic sample is 41% North America, 22% Asia-Pacific, 21% EMEA and 17% Latin America; rounded totals may exceed 100%. [1]
Three variables need separate labels. Investor domicile describes where the office is based. Manager location describes where a fund manager operates. Investment geography describes where the underlying assets sit. The tables below use office location unless stated otherwise.
How do current allocations differ by office location?
| Asset class | Asia-Pacific | EMEA | Latin America | North America |
|---|---|---|---|---|
| Public equities | 27 | 31 | 33 | 29 |
| Fixed income | 18 | 15 | 24 | 12 |
| Cash and equivalents | 20 | 11 | 7 | 10 |
| Direct real estate | 6 | 10 | 9 | 13 |
| PE funds / funds of funds | 11 | 10 | 8 | 9 |
| Direct private equity | 6 | 10 | 6 | 11 |
| Hedge funds | 5 | 4 | 3 | 5 |
| Other | 2 | 2 | 2 | 3 |
| Private credit | 2 | 2 | 3 | 2 |
| RE funds / funds of funds | 1 | 2 | 3 | 3 |
| Commodities | 2 | 2 | 1 | 1 |
| Art | 0.4 | 2 | 0.2 | 1 |
| Digital assets | 0.5 | 0.1 | 0.3 | 0.1 |
Source: Citi Wealth, 2026/27 Global Family Office Report, p. 53. Region identifies the respondent office location. Concentrated positions excluded. EMEA means Europe, the Middle East and Africa.
The clearest differences are Asia-Pacific's 20% cash allocation, Latin America's 24% fixed income, and North America's larger direct-property and direct private-equity positions, at 13% and 11%. EMEA has the largest reported art share at 2%. [1]
Latin American offices also report the highest public-equity weight, at 33%. Hedge-fund allocations sit in a narrow band, from 3% in Latin America to 5% in Asia-Pacific and North America. These are averages within each regional sample; individual offices vary.
Which asset classes does each region plan to increase?
Each percentage below is the share of offices planning an increase over the next 12 months, not a planned portfolio weight. [1]
| Asset class | Asia-Pacific | EMEA | Latin America | North America |
|---|---|---|---|---|
| Global developed equities | 44% | 35% | 52% | 28% |
| Hedge funds | 48% | 24% | 19% | 22% |
| Direct PE | 25% | 32% | 18% | 28% |
| PE funds / funds of funds | 31% | 31% | 25% | 20% |
| Real estate | 10% | 20% | 23% | 37% |
| Private credit | 5% | 7% | 16% | 13% |
| Emerging-market fixed income | 5% | 5% | 23% | 6% |
| Digital assets | 2% | 7% | 2% | 3% |
Source: Citi Wealth, 2026/27 Global Family Office Report, p. 41. Selected rows. Shares of respondents, not portfolio weights.
Three responses stand out: Asia-Pacific hedge funds at 48%, Latin American developed equities at 52% and North American real estate at 37%. Over the previous 12 months, North American offices also reported the strongest real-estate additions among regions, at 31%, compared with 10% in Asia-Pacific. [1]
Where do family offices plan to add geographic exposure?
Citi does not report a current geographic portfolio-weight matrix. It asks about the direction of allocation by destination, with a separate no-exposure category, defined as no current or planned allocation. [1]
| Destination | Increase | Maintain | Decrease | No exposure |
|---|---|---|---|---|
| North America | 39% | 53% | 6% | 3% |
| APAC excluding China | 29% | 46% | 3% | 23% |
| Europe | 20% | 56% | 15% | 9% |
| China | 19% | 45% | 11% | 26% |
| Latin America | 12% | 37% | 5% | 45% |
| Middle East | 3% | 28% | 11% | 58% |
| Africa | 1% | 24% | 3% | 72% |
Source: Citi Wealth, 2026/27 Global Family Office Report, pp. 54, 56. Rounded totals may differ from 100%.
Intentions vary with the office's own location. Asia-Pacific offices most often plan increases in North America (55%) and in Asia-Pacific excluding China (51%). Latin American offices emphasise North America (43%) and Europe (32%). EMEA offices select China (29%), Asia-Pacific excluding China (26%) and North America (25%). North American offices most often select their own region, at 35%. [1]
Office size matters too. Larger offices show more interest in increasing Asia-Pacific excluding China exposure, at 32% against 23% for smaller offices. Smaller offices more often plan European increases, at 23% against 18%. [1]
How do regional responses to volatility differ?
Asia-Pacific offices were the most active in responding to geopolitical volatility: 62% used active management and 49% used hedging strategies. In North America, 60% reported no portfolio adjustment. Asia-Pacific also has 22% of respondents targeting core-portfolio returns above 15%. [1]
How do other surveys describe geography?
iConnections' Global Allocator Report 2026 asked a broader population about expected allocation destinations over the next 12 to 18 months. North America drew 86%, Europe 56% and Japan 30%, with multiple selections allowed. Of that event's LP attendees, 72% came from North America. [2]
That survey covers a different population, question and time frame from Citi's. The two sets of figures stay separate. Neither measures current geographic portfolio weights or regional capital flows.
Gnosis introduces institutional allocators to investment managers regulated in their home jurisdiction and evaluates those managers through Allocator IQ (AIQ). It does not advise on allocations, manage assets, hold custody or execute orders. See our market and strategy coverage and the analysis of the family-office investment portfolio.
Frequently asked questions
Do Asia-Pacific family offices hold more cash?
Yes, in Citi Wealth's 2026/27 Global Family Office Report. Asia-Pacific offices report 20% in cash and equivalents, against 11% in EMEA, 10% in North America and 7% in Latin America.
Which region plans the most hedge-fund increases?
Asia-Pacific. In the same report, 48% of Asia-Pacific offices plan to increase hedge-fund exposure, against 24% in EMEA, 22% in North America and 19% in Latin America.
Does Citi report where family-office investments are located?
No. Citi reports allocations by the location of the responding office and intended direction of exposure by destination. It does not provide a current geographic portfolio-weight matrix.
Are the Citi and iConnections geography figures comparable?
No. iConnections' Global Allocator Report 2026 surveyed a broader, mainly North American event population with multiple selections allowed. Its 86% for North America is a destination choice, not a portfolio share.
For institutional investors. This article provides general information, not investment, tax or legal advice or a recommendation of any manager, strategy or structure. Survey figures describe the stated populations and periods and do not indicate future allocations or results. Past performance is not necessarily indicative of future results.
Sources
- Citi Wealth, 2026/27 Global Family Office Report. Survey beginning June 2026 of 351 Citi Wealth family-office clients across 41 countries; regional columns identify respondent office location. pp. 15-16, 24-25, 29-30, 34-35, 41, 53-56.
- iConnections, Global Allocator Report 2026. In-person survey of more than 500 investors at Global Alts Miami 2026; multiple destinations could be selected. pp. 15, 67-68.