Family offices surveyed for Citi Wealth's 2026/27 Global Family Office Report hold 30% of their portfolios in public equities, 16% in fixed income and 12% in cash, alongside 18% in private equity and 12% in real estate. These figures exclude concentrated positions, and 67% of respondents also control operating businesses. The average describes the surveyed population; it is not a model allocation.
What does the average family-office portfolio hold?
Citi Wealth's 2026/27 Global Family Office Report asked 351 family-office clients across 41 countries for their asset-class mix. Public equities form the largest single holding at 30%. Fixed income adds 16% and cash 12%, so liquid conventional assets total 58%. [1]
Alternatives sit alongside that core. Direct private equity and private-equity funds hold 9% each, and direct real estate 10%. Hedge funds account for 4%, private credit 2% and digital assets 0.3%, according to the same report. [1]
| Asset class or access form | Global | AUM below $500m | AUM above $500m |
|---|---|---|---|
| Public equities | 30 | 29 | 30 |
| Fixed income | 16 | 19 | 14 |
| Cash and cash equivalents | 12 | 13 | 11 |
| Direct real estate | 10 | 11 | 10 |
| Private-equity funds / funds of funds | 9 | 8 | 11 |
| Direct private equity | 9 | 7 | 10 |
| Hedge funds | 4 | 4 | 5 |
| Other | 2 | 3 | 2 |
| Private credit | 2 | 2 | 3 |
| Real-estate funds / funds of funds | 2 | 2 | 2 |
| Commodities | 1 | 1 | 1 |
| Art | 0.9 | 1 | 1 |
| Digital assets | 0.3 | 0.3 | 0.4 |
Source: Citi Wealth, 2026/27 Global Family Office Report, pp. 51-52. Concentrated positions excluded. Published global entries sum to 98.2%; figures are shown as reported, without normalisation.
The published global entries sum to 98.2%. We report them as published rather than forcing a 100% total or inventing a residual holding.
What does the allocation data leave out?
The question excludes concentrated positions. The result is a view of the reported investment portfolio, not an inventory of family wealth. Citi does not disclose a weighting method for its aggregate mix. [1]
That exclusion matters. In Citi Wealth's 2026/27 survey, 67% of respondents control one or more operating businesses, typically managed separately from the office. The share reaches 74% in Asia-Pacific, 71% in Latin America and 70% in EMEA, against 59% in North America. Art collections may also sit outside the office's remit. [1]
A family with a large stake in an industrial business already carries sector, regional and liquidity exposure before the office makes a single allocation. Diversification starts from that whole balance sheet. The survey does not measure it; the family's own records do.
How does office size change the mix?
Scale shifts the balance between defensive holdings and private markets. Offices managing below $500 million hold 32% in cash and fixed income combined, against 25% for larger offices. Larger offices hold 21% in direct and fund private equity, against 15% for smaller ones. [1]
Citi attributes the pattern to larger offices' greater capacity to access private markets. The survey does not test that explanation causally. These are sample comparisons, not rules for any individual office.
Team size adds context. In the same report, 40% of offices employ one to three full-time professionals, and 62% employ six or fewer. Among offices below $500 million, 55% have one to three professionals. A small team managing substantial wealth faces a heavy research and documentation load. [1]
Does the location of the office matter?
Regional differences are visible, with one caution: the data describe where the responding office is based, not where its investments sit. In Citi Wealth's 2026/27 report, Asia-Pacific offices hold 20% in cash and Latin American offices 24% in fixed income. North American offices hold 13% in direct real estate and 11% in direct private equity. [1]
These patterns support regional comparison. They do not describe any individual office, and they say nothing about the geography of the underlying holdings.
Where do family offices plan to add exposure?
Intentions for the next 12 months show selectivity within alternatives. In Citi Wealth's 2026/27 survey, 28% plan to increase hedge-fund exposure and 14% to decrease it. Private credit runs the other way: 10% plan increases and 22% decreases. [1]
| Asset class | Increase | Decrease | Net, pp |
|---|---|---|---|
| Global developed equities | 37% | 5% | +32 |
| Hedge funds | 28% | 14% | +14 |
| Direct private equity | 27% | 16% | +11 |
| PE funds / funds of funds | 26% | 16% | +10 |
| Private credit | 10% | 22% | −12 |
| Digital assets | 3% | 14% | −11 |
Source: Citi Wealth, 2026/27 Global Family Office Report, pp. 39-40. Shares of respondents, not portfolio weights or flows. Net figures are as published and may differ by one point from the displayed components.
These figures count offices intending a change. They do not measure the size of any change or the capital that will move. Our analysis of private-credit sentiment examines the cautious reading in more detail.
What should allocators take from the averages?
An average portfolio is a reference point, not a target. Each new exposure needs a defined role: what it adds, what it overlaps with, and what liquidity and governance commitments it creates. Our guide to choosing how to access alternatives covers the structural side of that decision.
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. Read more about the platform and who we support.
Frequently asked questions
Is 30% in public equities a recommended allocation?
No. The 30% figure is the average reported by family offices in Citi Wealth's 2026/27 Global Family Office Report. It describes the surveyed population and excludes concentrated positions. It does not indicate a suitable allocation for any office.
Why do the reported allocations not sum to 100%?
Each category is independently rounded, and the published global entries sum to 98.2%. Citi does not disclose a weighting method for the aggregate mix, so the figures are best read as published.
How much do family offices hold in hedge funds?
Hedge funds account for 4% of the reported global allocation in Citi Wealth's 2026/27 Global Family Office Report. In the same survey, 28% of respondents plan to increase hedge-fund exposure over the next 12 months and 14% plan to decrease it.
Does the survey cover a family's entire wealth?
No. The allocation question excludes concentrated positions, and 67% of respondents control operating businesses that are typically managed separately from the family office.
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; the overall sample is not necessarily the denominator for every question, and the allocation question excludes concentrated positions. pp. 15-19, 39-40, 50-53, 83-84.