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2025Global Family Office Report 2025Contents Foreword 45 Executive summary 69 Survey particulars 1013 Investment strategy and sentiment 14 33 Asset allocation changes in the last year Investment strategy adjustments in response to April 2025s market volatility Estimated mark-to-market portfolio value change year to date Near-term worries impacting financial markets and the economy Asset class sentiment for the next 612 months Expected portfolio return for the full year Citi Wealths Chief Investment Office views 34 37 Portfolio construction and management 3857 Allocation by asset class Asset allocation by geography Concentrated positions held Strategies to manage risk of concentrated positions Amount of leverage employed Financing needs Investments in digital assets Interest in type of digital assets Art advisor for art collections Private equity 5872 Private equity allocation by fund type in the last 12 months Engagement with direct investments Direct investing strategy adjustments Direct investing stage preference in the last year Controlling stakes in operating businesses Acquisition of companies via a control transaction EBITDA range for potential acquisitions Family office management 73119Family office primary focus Family office services provided Family office CIO Family office working with external investment advisors Services provided by external investment advisors Investment decision making Overall professionalization of the investment function Professionalization of the family office beyond investing Formalized service delivery in the family office Measuring the family office Top priorities for technology adoption in the family office Barriers to technology adoption in the family office Use of artificial intelligence(AI)in the family office Estimated cost of managing a family office Family office primary challenges Family governance 120146Families primary concern Family decision making Family governance and organization Risks faced by the family Management of key risks faced by the family Opportunities offered to the next generation Gaps in family office services versus family needs Internationalization of families Sustainable investing and philanthropic impact 147156 Allocation to sustainable investing Challenges in incorporating sustainability in the investment portfolio Anticipated changes to philanthropy in the next five years Mobilizing philanthropic assets to provide catalytic capital This years survey was initiated during Citi Wealths tenth annual Family Office Leadership Summit,held in June 2025.The survey was subsequently released to Citi Wealths global family office clients for input.The survey included 56 questions aimed at understanding the investment sentiment,portfolio positioning,family governance and best practices of family office clients in 2025.It drew responses from 346 participants,which were included in this report.This report is for informational purposes only,based on those responses from the survey and are not intended to represent investment advice.The views expressed herein are those of the participants and do not necessarily reflect the views of Citigroup Inc.,Citigroup Global Markets Inc.,and its affiliates.Neither the information provided,nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.Past performance is no guarantee of future results.Investments in financial instruments or other products carry significant risk,including the possible loss of the principal amount invested.Financial instruments or other products denominated in a foreign currency are subject to exchange rate fluctuations,which may have an adverse effect on the price or value of an investment in such products.This Communication does not purport to identify any risks or material considerations which may be associated with entering into any transaction.INVESTMENT PRODUCTS:NOT FDIC INSURED NOT CDIC INSURED NOT GOVERNMENT INSURED NO BANK GUARANTEE MAY LOSE VALUE 2025 Global Family Office Report 4 Foreword It is with great pleasure that we present our 2025 Global Family Office Report This is the seventh year in which we have sought the views of our unique community of family office clients.Some 346 entities from 45 countries around the world responded,marking another year of record participation.We thus believe our survey and this resulting report to be the most global and comprehensive of their kind.Conducted in June and July,the survey also sheds light on how expectations and strategies have changed since the U.S.tariff announcements earlier this year.2025 Global Family Office Report Respondents were asked 56 wide-ranging questions,probing their expectations for markets,how they have positioned their portfolios,the shifting risks they identify,and how they are operating and organizing themselves.They also gave extensive insights into the thinking and behaviors of the families they serve,including their ambitions and concerns,growing global footprints and priorities for their next generations.Among the most consistent findings of this survey is family offices determination to stay the course,as they are not taking significant new risks until trade policy noise gives way to implementation.Amid the heightened uncertainty of last years US election,respondents also remained resolute.Almost all said they anticipated portfolio upside over the year ahead.Once more,their collective expectations were borne out,with many markets continuing their climb to fresh highs this year to date.For the coming twelve months,family offices have again told us they expect portfolio appreciation.Nearly four out of ten anticipated returns of 10%or more.Rather than liquidate holdings in response to the tariff turmoil in April,a common reaction seems to have been adding to portfolio resilience.Respondents engaged in thoughtful active management paired with systematic analysis of portfolio risk and focused implementation of hedging strategies.They also rotated toward more defensive geographies and sectors,while keeping overall allocations intact.Cash holdings edged down.Tactics in response to the trade war turbulence in markets was just one of our new questions for 2025.We also took the opportunity to ask about reliance upon art advisors,controlling stakes in operating businesses,investment decision making and technology adoption.Such new angles complement the recurring insights we gather to track the evolution of best practices and portfolio positioning.Although we mention comparisons to some of last years findings,the universe of respondents is not the same.Nevertheless,we believe select meaningful directional trends can be observed.We launched our 2025 survey at our tenth annual Family Office Leadership Summit,held in Ossining,New York in early June.The event was attended by over 150 family office senior leaders from more than 25 countries,whose familys average net worth was$3.8bn.Discussions spanned markets,trade,geopolitics,AIs economic and societal impacts,advances in healthcare,and family unity and leadership succession.We present some of the key takeaways from the summit in this report.As ever,we are grateful to all those who took the time to participate in this years survey.And we are delighted to be able to offer all those respondents who opted to identify themselves a personalized version of the report,benchmarking their responses against those of their peers.We stand ready to explore any aspect of this years findings with you,as well as discuss specific strategies for your family and family office.It is our privilege to serve you.Hannes Hofmann Head Global Family Office Group Alexandre Monnier Family Office Advisory Head Global Family Office Group 5 2025 Global Family Office Report Executive summary Asset allocations largely held steady amid wait for greater policy clarity Family offices largely maintained their asset allocations,making fewer shifts than last year.Half of respondents kept their fixed income holdings steady,and two thirds did so in real estate.Private equity saw the most notable bullish movement,with those increasing allocations outnumbering those decreasing by 26%.Among the minority who altered their public equity and fixed income exposure,a net 11%and 14%made increases respectively,well down from last years levels.Regionally,Asia Pacific made the greatest increases in public equity,with the Americas leading in private equity.Overall,though,ongoing trade and monetary policy uncertainty,geopolitical tensions and fiscal concerns may have kept many family offices in wait-and-see mode.Positive outlook for portfolio returns despite tariff uncertainty Family offices expressed optimism about twelve-month portfolio returns.Possible drivers of this positive sentiment include potential US deregulation,interest rate cuts and advancements in artificial intelligence.A significant cohort(30%)anticipated returns between 1015%,with an additional 8%expecting returns exceeding 15%.Despite the optimism,there was little consensus as to which asset classes could potentially drive portfolio performance.Sentiment was neutral across all asset classes on a six-to twelve-month horizon.Even in private and public equity,neutral sentiment stood at 59%.It therefore seems likely that family offices believe their active selection of individual assets may drive portfolio returns,rather than broad asset class exposure.Active management was the main response to the tariff-induced market volatility Amid the market turmoil following the US tariffs announcement in April,nearly two thirds of family offices took action to boost portfolio resilience.Thirty-nine percent cited active management as their response.They allocated more to perceived defensive asset classes and geographies(25%and 15%respectively).Some 14%engaged in hedging strategies,while 13%shifted to perceived defensive sectors.During the period,we noticed family offices showing even greater interest in seeking analyses of their liquid and illiquid risk exposures across all their providers.These frequently inform hedging and active investment strategies.6 2025 Global Family Office Report Direct investments remain in high demand 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.Again,this suggests family offices confidence in their ability to select deals that drive returns.A further 40%said they had maintained their existing direct investing strategy.Positivity toward direct investing is also reflected in respondents preference for the typically riskier categories of growth and early-stage investments(52%and 37%).Amid a stalled market for IPOs,secondary transactions(30%)surpassed pre-IPO deals(22%).Global trade tensions were this years top concern,replacing interest rates Trade wars were this years top concern(60%).In 2024,by contrast,respondents were most preoccupied with the evolution of interest rates,a worry that has since slipped to fourth place(30%)amid declining rates across many economies.Like last year,USChina relations were the second most common concern(43%),followed by the resurgence of inflation(37%).Tariffs and US fiscal policy may explain the latter.Notably,the Middle East conflict and the RussiaUkraine war were seen as substantially lesser risks(14%and 9%respectively)than last year,perhaps as investors became habituated to them.7 2025 Global Family Office Report Investment risk is well managed,other risks less so Family offices mentioned risks related to investing more than any other kind(70%).This corresponds to the ongoing interest in risk analyses and hedging strategies that we are seeing,particularly since Aprils selloff.The next most mentioned were risks linked to family office operations(37%)and the family(33%).Liquidity and geopolitical issues were not far behind.More than four fifths(83%)of respondents felt their investment risks were well managed or very well managed,albeit slightly down from last years 87%.But they felt less assured when it came to their management of cybersecurity(48%)and geopolitical(55%)risks.More time and resources will likely need to be devoted to these areas.There is room for improvement in professionalization and governance Family offices showed progress in professionalizing their investment functions,with over half reporting the adoption of best practices such as investment policy statements(IPS)and investment committees.However,significant gaps remain in risk management(58%),cybersecurity(58%)and succession planning(74%),despite the growing availability of advisory services.Professionalization in family-specific areas,such as family assemblies and educational programs,is also lagging.Resource constraints are hindering progress toward addressing more family needs Many respondents identified a shortfall between what they could provide and what their principals expected in non-investment services.Fifty-eight percent of family offices mentioned next-generation preparation and fostering family unity and continuity(38%)as key service gaps.Instead,their focus has been on delivering core financial services including investment management(92%)and accounting,reporting,tax and administrative services(62%).So,while family offices have increasingly hired institutional investment specialists in recent years,they have not yet matched this with recruitment across their other functions.8 2025 Global Family Office Report More outsourcing to deliver services,but decision-making stays in-house There is a growing tendency to deliver services in partnership with external suppliers to manage complexity in a cost-efficient manner.This is true even within investments,where more than 60%of respondents perform their core duties entirely in-house,but a majority still relied on outsourcing for complementary capabilities such as investment management,research or asset allocation.However,decision-making authority tends to be retained,especially for investments,made almost always in-house by family members(42%),investment professionals(27%)or an investment committee(26%).Beyond investments,outsourcing is also growing.There are increasing numbers of providers that specialize in serving family offices in such areas as cybersecurity and other technology solutions.AI deployment is becoming a reality The proportion of respondents mentioning artificial intelligence(AI)deployment has nearly doubled since last year,particularly in the automation of operational tasks(22%)and investment analysis or forecasting(22%).However,this transformational technology has yet to be integrated across all functions,especially those involving risk and compliance.Barriers to technology adoption more generally included lack of internal expertise(57%),lack of awareness(34%),and concerns about cybersecurity and return on investment.9 2025 Global Family Office Report 10 Survey particulars We initiated our 2025 survey among attendees at Citi Wealths 2025 Family Office Leadership Summit on June 3.We then shared it with family office clients globally,accepting responses until July 14.The survey consisted of 56 questions that sought to understand family office clients investment sentiment,portfolio actions,operational practices and family governance in 2025.It drew responses from 346 participants from 45 countries around the world,with an average$2.1B in net worth.Family office survey respondents YoY 338 346 71 127 156 126 268 2019 2020 2021 2022 2023 2024 2025 2025 Global Family Office Report Respondents by region NAM 41%LATAM 7%EMEA 23%APAC 29%Respondents by AUM GLOBAL VIEW The US dollar was the valuation currency for the survey.Almost half of respondents had more than$500 million in assets under management(AUM)and just over half had less than that amount,similar to last year.AUM$500 MM 47%REGIONAL VIEW The region with the highest proportion of family offices having more than$500 million in AUM was North America(63%),with Europe,the Middle East and Africa having the lowest proportion(35%).APAC EMEA LATAM NAM AUM$500 MM 365Bc 2025 Global Family Office Report Generations in control of the wealth GLOBAL VIEW Overall,51%of respondents served families whose first generation(G1)is in control of the wealth,while 34%and 15%served families where control has transitioned to G2 and G3 respectively.This is very similar to the profile of our respondents in 2024.G1 51%G2 34%G3 15%REGIONAL VIEW 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.APAC EMEA LATAM NAM G1 48VFQ%G2 43)31%G3 8! 2025 Global Family Office Report Family office employees GLOBAL VIEW Most respondents(63%)reported having six or fewer employees.Nearly a quarter reported having above 10,typically family offices with AUM of more than$500 million.This highlights the resource constraints of most family offices and the consequent challenges in meeting family members needs and expectations(see page 117).13 39F 24y 13 24%AUM VIEW Intuitively,family offices with large AUM were likelier to employ more full-time professionals than those with under$500 million.13 46 79 10 AUM$500 MM 20Rgt%REGIONAL VIEW Asia Pacific had the greatest share of small family offices(54%)and North America had the greatest share of large ones(36%).This likely reflects the relative early stage of wealth creation cycle where the wealth is tied up in operating businesses in Asia as compared to North America.APAC EMEA LATAM NAM 13 54G!F 263y 8% 12!6 2025 Global Family Office Report 14 Investment strategy and sentiment Overview More family offices held their strategic allocations to individual asset classes steady overall compared to last year.Of those that did make changes,bullish shifts outnumbered bearish ones,particularly in private equity followed by fixed income and public equity.In response to the tariff-induced market volatility in early 2025,many family offices responded with active management,including shifts to more defensive asset classes and geographies.Trade tensions displaced the evolution of interest rates as respondents top concern,followed by USChina relations.There was widespread optimism about the twelve-month outlook for portfolio returns,albeit somewhat less so than last year.Thirty percent of respondents expected returns of 1015%,with a further 8%looking for over 15%.2025 Global Family Office Report Asset allocation changes in the last year GLOBAL VIEW There was an uptick in family offices holding their asset class allocations steady in 2025.Fifty percent reported making no change to their fixed income holdings,with 64%saying the same for real estate.In 2024,the equivalent figures were 38%and 55%.Of those respondents that did make changes,though,the tone remained bullish overall.This was especially true in private equity.Thirty-six percent said they had increased their allocations,with only 10creasing.The net positive balance of 26%compares to 30%in 2024.In public equity,those raising their allocations outnumbered those reducing them by 11%.In fixed income,the figure was 14%.Both were well down on last year,though,when the net positive balances were 26%and 36%respectively.Overall,the picture is one of bullishness,albeit somewhat less so than last year.The retreat in positive sentiment toward fixed income may have reflected concerns over factors such as US fiscal deficits and sticky inflation.The trade warrelated selloff in markets early this year may have reduced the appetite for public equity somewhat.Nevertheless,the substantial balance of family offices who either stood firm or added to their allocations suggests continued,constructive long-term positioning,as well as faith in multi-asset class diversification.15 AUM VIEW Family offices with AUM above$500 million were likelier to increase their allocations to every asset class than their smaller counterparts,other than in fixed income.Private equity and real estate saw the biggest positive net change increases less decreases in the balance of larger family offices reporting allocation increases,at 27%and 18%respectively.Smaller family offices also raised their allocations to private equity overall( 25%).Nevertheless,the net balance of entities reporting increased allocations was down from 2024s levels across every asset class bar cash for family offices of all sizes.So,while sentiment remains bullish,it has subsided since last year.2025 Global Family Office Report AUM$500 million 16 2025 Global Family Office Report REGIONAL VIEW All regions saw a substantial positive net balance of family offices reporting increases in their private equity allocations,led by Latin America( 35%)and Europe,the Middle East and Africa(33%).In real estate,North America( 21%)and Latin America( 20%)were out in front.Interestingly,Latin America was the only region where family offices were more likely to reduce fixed income allocations(-15%)and cash(-20%).Enthusiasm for public equity was slightly greater in Asia Pacific,with a net balance of 14%of family office increasing allocations,compared to an average 7.7%elsewhere.17 2025 Global Family Office Report Investment strategy adjustments in response to April 2025s market volatility GLOBAL VIEW Amid the market turmoil following the US tariffs announcement in April,nearly two thirds of family offices took action.Thirty-nine percent cited active management as their response.They allocated more to asset classes and geographies which they perceived as defensive(25%and 15%respectively).Some 14%engaged in hedging strategies,while 13%sought out perceived defensive sectors.Therefore,rather than simply accepting the rough with the smooth,respondents sought to mitigate downside risk in their portfolios.18 AUM VIEW Among those who took action,active management was family offices principal response to tariffs market fallout,especially among those with AUM above$500 million(42%)versus those with AUM below that(37%).Larger entities had a greater tendency to perceived defensive geographies(18%)than their smaller counterparts(11%).But the latter were likelier to allocate to defensive asset classes and sectors(30%and 15%)than the former(18%and 11%).Hedging strategies were deployed by 14%of both groups.2025 Global Family Office Report AUM$500 MM REGIONAL VIEW Asia Pacific family offices responded more vigorously to the tariff turmoil than their counterparts elsewhere,leading the way in allocating to perceived defensive asset classes,geographies and sectors.By contrast,Latin America was generally less likely to have taken action,perhaps because regional family offices were already well positioned for potential instability.Those in Europe,the Middle East and Africa led the way in active management and hedging strategies.19 2025 Global Family Office Report Estimated mark-to-market portfolio value change year to date(June 2025)GLOBAL VIEW Despite the early-year market turmoil,most respondents portfolios(59%)were up 010%year to date,with a quarter reporting gains above 10%in 2025 as of the survey date.Portfolios seeing no change represented a modest 10%of total responses.Decreases in portfolio returns were minimal.Only 4%suffered a negative return of 010%,and only 1ch for decreases of 1020%and over 20%.This relatively strong performance would appear to validate family offices commitment to investing for the long term and diversification as well as their measured response to turbulence.20 2025 Global Family Office Report AUM VIEW The larger the family office,the likelier they were to report positive returns.Fully 87%of those with AUM above$500M saw an increase in portfolio value,somewhat ahead of their smaller counterparts(82%).The most common change for both groups was an increase of 010%(62%of larger family offices and 56%of smaller ones).Gains of 1020%were the second most frequent,followed by no change.Decreases were negligible in both groups.AUM$500 MM REGIONAL VIEW Regionally,most portfolios gained 010%,with 61%of family offices in Latin America in this zone versus 55%of those in Asia Pacific.However,the latter region also had the greatest proportion(10%)of those registering gains above 20%.Decreases were uncommon across all regions.21 2025 Global Family Office Report Near-term worries impacting financial markets and the economy GLOBAL VIEW With US average tariffs reaching highs not seen for decades,trade disputes/tariffs were respondents top concern (60%),followed by USChina relations(43%)and inflation(37%).The evolution of interest rates last years main worry and market volatility both stood at 30%.The stability of the global financial system was cited by 29%.Surprisingly,the Middle East conflict(14%)and the RussiaUkraine war(9%)are perceived as lesser threats than last year(25%and 16%respectively).While these conflicts are ongoing,investors may believe markets already priced them in fully.22 2025 Global Family Office Report AUM VIEW Family offices with AUM above and below$500 million considered trade disputes/tariffs to be the most significant risk,with 57%of larger entities and 62%of their smaller counterparts giving this answer.The former expressed concern about USChina relations more frequently(46%)than the latter(40%).Greater global exposure among larger entities may explain this.Likewise,inflation concerns were greater for larger entities(41%vs 33%).They were also rather more worried about the stability of the global financial system(33%vs 26%).Smaller entities perceived currency risk and volatility as greater threats,probably because they are less equipped to manage them.Both groups saw the Middle East conflict and the RussiaUkraine war as lesser threats than last year.AUM$500 MM 23 2025 Global Family Office Report REGIONAL VIEW The regional breakdown of worries reveals significant variations.For example,trade disputes/tariffs were the leading global concern,and family offices in North America(65%)and Asia Pacific(61%)were especially likely to cite this factor given the important commercial ties between their regions.As expected,concerns over USChina relations were especially acute in Asia Pacific(53%).Historically,entities based in Latin America tended to be most worried about inflation.But their counterparts in North America mentioned this issue more frequently this year(46%),probably because of the risk that tariffs pose to price stability.The evolution of interest rates is now the joint-equal dominant worry in Latin America(50%)alongside trade disputes/tariffs.24 2025 Global Family Office Report Asset class sentiment for the next 612 months GLOBAL VIEW Neutral sentiment dominated across every asset class.Even where neutrality was lowest in private and public equity the figure stood at 59%.In every single case,neutral readings were above last years levels.The asset class with the highest level of net positive sentiment that is,bullish minus bearish was developed equities at 17%.Private equity direct( 15%),hedge funds( 14%)and private credit( 12%)followed.Overall,these results present something of a paradox.While family offices expressed broadly neutral short-term asset class views,their expectations of positive portfolio returns suggest confidence in their long-term positioning and diversification.Bullish Neutral Bearish 25 2025 Global Family Office Report YEAR-OVER-YEAR CHANGE IN SENTIMENT Respondents went somewhat cooler on private equity direct( 15%net bullish vs 36%last year),private equity funds( 7%vs 26%),global developed equities( 17%vs 30%),real estate( 6%vs 19%),private credit( 12%vs 22%)and investment grade fixed income( 4%vs 23%).Net sentiment toward digital assets swung from-11%to-1%,likely reflecting the new US administrations warm attitude toward cryptocurrencies.There was also a small increase in good feeling about emerging market equities,while emerging market fixed income became slightly less unpopular overall.Net sentiment is calculated as bullish responses minus bearish responses,with neutral responses excluded.26 2025 Global Family Office Report AUM VIEW Family offices with more than$500 million in AUM were more net bullish in many cases,particularly toward private equity(both direct and via funds),private credit and developed market equities.Smaller entities were slightly more net bullish on investment grade fixed income and emerging markets equities.They were also rather more net bearish on emerging markets fixed income and art.AUM$500 million Bullish Neutral Bearish 28 2025 Global Family Office Report REGIONAL VIEW Neutrality was the predominant sentiment across asset classes in all four global regions.However,among those family offices that did express either bullish or bearish sentiment,we identify some interesting tendencies.Respondents were net bullish i.e.,bullish after deducting those who were bearish in all four regions toward commodities,developed and emerging equities,private credit and private equity(direct and via funds).Admittedly,the levels of net bullishness were often very different.In private equity direct,the reading for both the Americas was 21%but just 1%for Asia Pacific.Enthusiasm for hedge funds was particularly great in Europe,the Middle East and Africa( 18%)and Asia Pacific( 34%).Only Latin America was net bearish here(-16%).The regions were unanimous in their net bearishness toward art,where pricing has been under pressure in recent times.Latin America was the most negative(-26%)and North America the least so(-5%).Digital assets were viewed somewhat positively in Latin America( 10%)and in Asia Pacific( 4%),but not in Europe,the Middle East and Africa(-2%).Interestingly,North America was most negative(-6%),despite the Trump administrations pro-crypto stance.Cash a preferred holding when uncertainty is running high had a net bullish reading in both the Americas(indicating caution)but was seen net bearishly elsewhere(hinting at optimism toward risk assets).29 2025 Global Family Office Report 30 2025 Global Family Office Report Expected portfolio return for full-year 2025 GLOBALVIEWFamily offices worldwide are broadly optimistic about their potential portfolio returns for 2025,despite the trade warinduced selloff in risk assets earlier in the year.Almost half of respondents(45%)anticipate returns of 510%and just shy of a third(30%)are looking for 1015%.That said,the former group was down since last year,when 35%expected 1015%returns.In 2025,those looking for just 05%returns have risen from 8%to 14%.Negative return expectations are minimal across all regions.Among the drivers of the overall optimism might be the prospect of US deregulation,continued interest rate cuts in many countries,and potential productivity gains from artificial intelligence.31 2025 Global Family Office Report AUM VIEW Family offices with AUM both above and below$500 million mostly expected 510%portfolio returns(46%and 43%of respondents respectively)for the full year.However,a greater proportion of larger entities anticipated returns above 10%(31%expected 1015%,with 10%foreseeing more than 15%).Among their smaller counterparts,the figures were 28%and 6%respectively.One possible explanation for this may be larger entities greater tolerance for illiquidity and other risks.Only 1%of each group expected flat or negative portfolio returns.AUM$500 MM 32 2025 Global Family Office Report REGIONAL VIEW Latin America and North America had the most bullish outlook for the year.Some 92%and 89%of family offices in these regions expected portfolio returns above 5%.Those from Europe,the Middle East and Africa were notably more restrained,with just 70%expecting such returns.The figure for Asia Pacific was 83%.Negative return expectations are minimal across all regions.No respondents from Latin America foresaw flat or negative returns.Levels of bullishness have generally receded since last years survey.At least 90%of all regional respondents expected portfolio returns above 5%in mid-2024.The exception was North America where only 84%did.33 2025 Global Family Office Report Citi Wealths Chief Investment Office views Family offices globally have navigated persistently unpredictable and often unsettled conditions in 2025.Tariff negotiations,airstrikes against Iran,US budgetary spending and concerns over Federal Reserve independence are among the complications faced by those overseeing investment portfolios on behalf of some of the worlds most dynamic families.In this environment,market behavior has often seemed paradoxical.Initially,risk assets sold off as investors digested the proposed tariffs.Funds flowed out of many US dollardenominated assets and toward the likes of euro-denominated investments figure 1.Subsequently,though,markets have rallied significantly,with US technology equities at the forefront once more.34 FIGURE 1 Foreign appetite for US equities cools,while US investors buy more European equities 2025 Global Family Office Report Cumulative foreign domiciled US and European 400 %0%-10%-20%-30%-40%-50%-60 17 18 19 20 21 22 23 24 25 Non-US domiciled investors buying US equities Flows into US equities have slowed Flows into non-US equities have risen US domiciled investors selling European equities Non-US domiciled US equity flows Source:Lipper,as of July 2025.Past performance is no guarantee of future results.Cumulative flows as%of AUM Real results may vary.NEUTRAL RISK EXPOSURE BUT FULLY INVESTED Our guidance to family offices and other clients has been to stay fully invested,with overall neutral risk exposure.The survey results indicate that many concurred with our message,with many leaving existing allocations intact as neutral sentiment predominated across equities and other risk asset classes.We have also made the case for mitigating downside risks.For example,we raised our allocation to quality equities,with a focus on large-cap secular growers,while reducing more cyclical and tariff-vulnerable smaller-cap equity exposure.In the same spirit,many survey participants rotated their portfolios toward more defensive sectors,geographies and asset classes.Notably,they warmed to commodities,which may align to our tactical overweight in gold.In any event,family offices clearly value diversification amid current conditions.THEMES TO DRIVE MARKETS Looking ahead,we believe three macro themes may prove particularly influential.First,we believe there are the impacts of US tariffs,which are only just beginning to be felt in the real economy.Companies are still assessing how much of the tariffs they can pass on to consumers.We see threats to economic growth and corporate profit margins from the highest import levies in nearly a century.Family offices share this view,having cited tariffs as their top concern this year.Second,we are closely watching how monetary policy evolves.Despite being under political pressure to lower interest rates,the US Federal Reserve insists it will be guided by the economic data.The US labor market is softening,which could open the door for lower rates.However,we are not convinced this will necessarily lead to a meaningful cyclical upturn in growth,as it typically might.In our view,transmission may fall short as hiring and investment plans are currently more hindered by trade and policy uncertainty than by elevated financing costs.Elsewhere,many central banks have already cut rates in response to this period of slowing growth.35 Third,we think the artificial intelligence revolution has far to go.Governments and corporations realize that AI investment is mission-critical on many fronts.However,heavy capital spending has yet to translate into results on the same scale,which is something to monitor in future earnings reporting seasons.That said,we expect corporations to rely increasingly on AI tools for growth,and less on enlarging their workforces.If so,we may see less demand for labor and gains in productivity.This could boost the value of assets across many sectors,in our view.OUR POSITIONING Against this backdrop,we reiterate many of our key messages for the year ahead.In equities,technology and AI beneficiaries remain a preferred investment pick.We see the large-scale capital expenditure here as durable.It may also create a virtuous circle,with the biggest and most profitable firms able to invest more in AI,widening their competitive moats and strengthening profit margins.The stock market may,therefore,potentially continue to be led by a concentrated group of firms.In our view,given their growth profile,leading AI firms mainly US based represent quality investments.While we regard such quality growth equities as core holdings,we also look to diversify portfolios beyond this asset class.This is even more important in a world of high US equity valuations,much of which is AI-driven figure 2.It is also especially relevant since long-term quality fixed income historically a source of diversification has tended to move more in line with equities lately figure 3.Therefore,we look to high-quality short-duration fixed income to act as portfolio ballast.FIGURE 2 US equities high valuations versus other markets 2025 Global Family Office Report Source:FactSet,as of Aug 2025.Z-scores here measure how far valuations are above or below their 20-year average.Valuations are expressed by each markets price divided by its two 2-year average earnings.US,Europe,Emerging Markets and Japan are represented by their respective MSCI indices.Indices are unmanaged.An investor cannot invest directly in an index.They are shown for illustrative purposes only and do not represent the performance of any specific investment.Index returns do not include any expenses,fees or sales charges,which would lower performance.Past performance is no guarantee of future results.Real results may vary.36 2.502.001.501.000.500.0-0.50-1.00-1.50-2.00-2.501112131415161718192021222324251.670.470.200.24Z-score of rolling 2-year P/E(20 year-year lookback)USJapan /-1std /-1stdEuropeEMFIGURE 3 Less diversification from holding US equities alongside long-term US Treasuries 2025 Global Family Office Report Correlation of equities vs long-duration UST 60 %0%-20%-40%-60%-80%-100-day correlation 03 05 07 09 11 13 15 17 19 21 23 25 S&P 500/20 yt UST 90-day correlation ave.0221 ave.2125 Source:FactSet,as of Aug 2025.Correlation here measures how much two assets move together.A correlation of 100%implies that they move completely together,0 means no relationship,and-100%means they move in opposite directions.Indices are unmanaged.An investor cannot invest directly in an index.They are shown for illustrative purposes only and do not represent the performance of any specific investment.Index returns do not include any expenses,fees or sales charges,which would lower performance.Past performance is no guarantee of future results.Real results may vary.EVOLVING OUR PROCESS The survey results highlight the ongoing evolution of family offices,particularly within their investment function.As we navigate todays heightened uncertainty,we are staying even more closely connected with fiscal and monetary policy experts.We incorporate their insights and those from many other sources into our analysis and tactical asset allocation guidance.In common with family offices,we see great potential in artificial intelligence within our operations.We believe this transformational technology can help us to evaluate unprecedented quantities of macroeconomic,valuation and technical data,identifying further valuable signals while filtering out noise.We look forward to sharing further insights with family offices globally as they seek to preserve and grow wealth in the coming year and beyond.37 2025 Global Family Office Report 38 Portfolio construction and management OverviewStrategic allocations remain broadly in line with those reported a year earlier.North America maintained its position as the preferred geography for allocations among family offices globally.Of those entities with concentrated positions,most did not use strategies to manage the risks.Almost half of respondents globally were not exploring financing opportunities.Those that were cited real estate,private equity and operating businesses most often.Among family offices who oversee art collections,a quarter are using or considering art advisors for guidance.Despite an increasingly favorable regulatory backdrop,digital assets remain very much a minority interest among family offices.Most family offices remain engaged with direct investing,with twice as many upping their exposure than reducing.2025 Global Family Office Report 39 Allocation by asset class GLOBAL VIEW Family office allocations in 2025 were broadly in line with those reported last year.They showed a continued preference for public equities(average allocation of 27%),fixed income(15%),and cash&cash equivalents(13%).Public equity and fixed income allocations were down 1%and 3%respectively compared to last year.Alternative asset classes represented the remaining 40%or so of average allocations,with private equity and real estate contributing 20%and 14%respectively.Private equity via funds saw a 2%increase in their allocation share.Direct investments,in private equity or real estate,represented 21%of overall assets.Hedge fund allocations were 1%higher than last year while private credit,commodities and other assets remained unchanged(3%,1%and 1%respectively).Digital assets went from 0%to 1%.Public equities Fixed income Real estate direct Cash&cash equivalents Private equity funds/funds of funds Private equity direct Hedge funds Private credit Real estate funds/funds of funds Other Commodities Digital assets Art 27%9%5%3%2 25 Global Family Office Report AUM VIEW Asset allocation was broadly similar among family offices with more and less than$500 million in AUM.While both cohorts had almost the same proportion in public equities(28%and 27%respectively),those with AUM of less than$500 million favored fixed income more than larger entities(17%versus 13%respectively).Larger entities tended to allocate slightly more to alternative asset classes such as private equity(both funds and direct)as well as to private credit.AUM$500 MM 40 2025 Global Family Office Report REGIONAL VIEW Public equities remain the largest individual asset class within allocations worldwide.Family offices in Asia Pacific and North America had noticeably larger holdings(32%and 29%respectively)than their counterparts in Europe,the Middle East and Africa(22%).Correspondingly,the latter also had the second largest fixed income holdings(19%),marking an increase of 4%since last year.They also raised their cash&cash equivalents allocations by 4%.Family offices in Europe,the Middle East and Africa thus appear more cautious in their positioning than they were in 2024.Alongside their large public equity holdings,Asia Pacific entities prioritized liquidity,with 18%average cash holdings.Tariff concerns may partly explain this.By contrast,the figures for Latin America and North America were just 5%and 8%apiece.Respondents from Latin America had the highest allocations to private equity(funds and direct combined)at 24%.Those from North America were much more heavily positioned in real estate(funds plus direct:18%)than those in Asia Pacific(9%)and Europe,the Middle East and Africa(13%).41 2025 Global Family Office Report 42 Asset allocation by geography GLOBAL VIEW Family offices from around the world allocated an average of 60%of their portfolios to assets in North America.This was far ahead of allocations to Europe(17%),Asia Pacific excluding China(13%),Latin America(3%),and the Middle East (2%).These levels were broadly in line with last years results,with Europe and Asia Pacific excluding China both seeing a 1 percentage point increase,while Latin America retreated by 2 percentage points.North America Africa Europe Asia Pacific excluding China China Middle East Latin America 2025 Global Family Office Report AUM VIEW Family offices globally with greater than$500 million in AUM allocated rather more of their assets to North America than their smaller counterparts(66%vs 55%).This was likely because many larger entities are based in North America,and they tend to exhibit home bias in their allocations.The other notable contrast was in relation to Asia Pacific excluding China,whose assets had an 18%weighting in smaller family offices portfolios but just 7%among larger entities.AUM$500 MM REGIONAL VIEW North America family offices are significantly home biased,allocating an average of 85%of their portfolios to assets from their own region(the rest of world average was a 49%allocation to North America).Home bias was a feature of entities based in other regions,with allocations to same-region assets far outstripping global averages with the exception of Latin Americabased family offices.Only family offices in Europe,the Middle East and Africa had exposure to every region worldwide,even if some allocations were as low as 1%.Overall,these results are in line with last years.43 2025 Global Family Office Report Concentrated positions held GLOBAL VIEW Some 43%of family offices worldwide reported having concentrated positions in private companies,while only 14%had them in public companies.Another 11%held concentrated positions in both.These substantial figures reflect how great family wealth often originates from a single concentrated holding and a tendency to retain at least some business ownership postliquidity events.Yes,in both public and private companies Yes,in public companies Yes.in private companies No 44 2025 Global Family Office Report AUM VIEW Family offices worldwide with less than$500 million in AUM were likelier(73%)to hold concentrated positions in private companies than those with AUM above$500 million(52%).Larger family offices,however,showed a greater propensity to hold such positions in public companies(31%vs 11%).Families with larger AUM tended to own stakes in larger companies,which often go public over time.REGIONAL VIEW Latin America family offices were the most likely to own a concentrated position(83%),reflecting the prevalence of business-owning families in the region.Asia Pacific respondents were least likely(55%)to own such a position,indicating a preference for diversification.AUM$500 MM 45 2025 Global Family Office Report Strategies to manage risk of concentrated positions GLOBAL VIEW Most family offices with concentrated positions did not use strategies to mitigate concentration risk.We believe this may relate to a lack of awareness of the available possibilities rather than an informed decision to do nothing.Among those who did use strategies,outright sale(11%)and put options or other hedges(10%)were the most common.Other strategies such as covered calls,enhanced selling strategies(such as decumulators),and collars or variable prepaid forwards were less frequently deployed.46 2025 Global Family Office Report AUM VIEW The lack of reliance on strategies to manage concentration risk was widespread across family offices with larger and smaller AUM.REGIONAL VIEW The tendency to do nothing to mitigate the risk of concentrated positions or to seek an outright sale was broadly similar across all regions.Family offices in Asia Pacific and Europe,the Middle East and Africa were much likelier to use put options or other hedges(13%and 12%)than those in Latin America(4%).AUM$500 MM 47 2025 Global Family Office Report 48 Amount of leverage employed GLOBAL VIEW As in previous years,half of family office respondents said they employed no leverage.A quarter said they had leverage of below 10%.What explains this restrained approach to leverage?Family offices mandates are typically to grow multi-generational wealth and to preserve capital.Performance is expected to come from strategic asset allocation and steady compounding rather than gearing up the portfolio.The latter can all too easily lead to outsized losses in adverse conditions.Leverage of 1020%and of 2030%was employed by 10%and 7%of entities surveyed.Only about 8%of respondents were more than 30%leveraged.None 30 -30 25 Global Family Office Report AUM VIEW Family offices globally with more than$500 million in AUM were slightly more inclined(53%)to use leverage than their smaller counterparts(49%).Overall,though,levels of leverage used were broadly similar between the two groups.REGIONAL VIEW Family offices in Europe,the Middle East and Africa were the likeliest(57%)to have no leverage,while the figure in North America was 48%.Of the minority using upward of 10%leverage,entities based in Latin America were the least enthusiastic.Only 8%of them reported this level of more significant leverage,compared to as much as 33%of respondents in Asia Pacific.AUM$500 MM 49 2025 Global Family Office Report Financing needs GLOBAL VIEW Almost half(46%)of family offices worldwide were not exploring financing opportunities.This may possibly signify lack of need or a desire to wait for interest rates to fall.Among those considering financing,the purposes cited were real estate(28%),private equity(24%)and operating businesses(18%).50 2025 Global Family Office Report AUM VIEW For 50%of family offices with AUM below$500 million,exploring financing was not a priority,compared to 40%of their larger counterparts.This may reflect the greater sophistication or appetite for risk of bigger and often longer established entities.Such family offices were more inclined to seek financing to fund private equity investments than smaller ones(29%vs 20%),as well as for concentrated equity positions(15%vs 10%).However,for those with AUM below$500 million,there was a greater tendency to seek financing in relation to operating businesses(22%vs 14%.)A possible explanation could be that smaller entities may have been created more recently and more often still own an operating business that helped generate the familys wealth.REGIONAL VIEW Asia Pacific family offices were much less inclined to explore financing(45%)than respondents from Latin America(68%).The latter also showed a stronger interest in borrowing to fund real estate,private equity and operating businesses than their peers in any other region.AUM$500 MM 51 2025 Global Family Office Report Investments in digital assets GLOBAL VIEW Despite an increasingly favorable regulatory backdrop in the US and a recent increase in cryptocurrency valuations,digital assets were not a priority for most family office respondents(69%)globally.Of the minority,13%were considering investing but remain in the“research”phase.Just 15%allocated up to 5%to digital assets.A small handful(3%)allocated 510%or more,similar to last year.AUM VIEW Interest in digital assets seems to correlate with the size of family offices AUM.The larger entities were more disposed to consider or invest in this area than smaller ones(39%vs 25%).Most of those with more substantial holdings representing 5%or more of investable assets were those with more than$500 million in AUM.5%of investable assets 510%of investable assets 510%of investable assets 5%of investable assets AUM$500 MM 52 2025 Global Family Office Report REGIONAL VIEW While digital assets remain a minor interest globally,those owning substantial holdings(5%or more of their investable assets)were almost all family offices from North America.That said,most regions had at least some family offices with up to 5%exposure.Latin America led the way with 17%and Asia Pacific was last with 12%.Latin Americas history of monetary instability may help explain its leadership in the amount of family offices(22%)still doing their homework on digital assets.53 5%of investable assets510%of investable assets2025 Global Family Office Report Interest in type of digital assets GLOBAL VIEW Among the minority of family offices that were considering digital assets,there was a preference for exposure via familiar means.Globally,crypto-linked investment vehicles such as exchange-traded funds(ETFs)or private funds were the most popular choice(29%),followed closely by direct holdings of cryptocurrencies including Bitcoin and Ethereum(25%).However,58%of respondents were undecided about which digital asset investment vehicles to explore,underscoring family offices ongoing need for education in this emerging asset class.54 2025 Global Family Office Report AUM VIEW Interest in the different varieties of digital asset investment vehicles was broadly similar for smaller and larger family offices.AUM$500 MM REGIONAL VIEW Latin America was the region with the fewest undecided respondents(47%)and the greatest interest in cryptolinked investment funds such as ETFs or private funds(53%).This contrasted with Asia Pacific,where 70clared themselves undecided and just 23%mentioned crypto-linked funds.Direct cryptocurrency holdings were most in favor among those in Europe,the Middle East and Africa.55 2025 Global Family Office Report Art advisor for art collections GLOBAL VIEW Art makes up a small proportion of family offices average asset allocation,less than 1%globally.However,that number is likely understated,as many family collections are not managed by their family office.In any case,25%of family offices use or are considering art advisors for guidance on buying,selling or managing collections.Understandably,specialist insight is often required to navigate the complex and rather opaque art market.As the art world continues to expand and evolve,family office engagement with experts is likely to increase.No Considering Yes AUM VIEW Larger family offices are more likely to engage art advisors.More than a fifth(22%)of those with above$500 million in AUM currently have an art advisor,with another 8%considering it.This may reflect how such entities are typically longer established and more willing to seek diversification beyond traditional asset classes,as well as better resourced and thus able to pay for specialized advice.AUM$500 MM 56 2025 Global Family Office Report 57 REGIONAL VIEW In Europe,the Middle East and Africa and North America,32%and 28%of respondents respectively said they had used or considered using art advisors.The figure for Asia Pacific where the art market is at an earlier stage of development was 15%,which we expect to rise over time.For over 45 years,our Art Advisory team has helped ultra-high-networth individuals and families build museum-quality art collections.We are a team of art historians who approach art as a passion,with an eye toward how the art may hold value over time.We help clients become connoisseurs,show them how to navigate an often opaque market,and build world-class collections that last for generations.Our advice is rooted in wanting clients to love the art they are buying.Betsy Bickar Head of Art Advisory 2025 Global Family Office Report 58 Private equity Overview Family offices continued to show a strong interest in private equity investments,with notable emphasis on direct investments and certain strategy types within the private equity landscape.A significant portion of family office capital allocated to private equity funds went to growth equity,buyout and venture capital.There was continued interest in secondaries this year.Despite the sharp equity selloff and economic uncertainty that accompanied the outbreak of the trade war earlier in 2025,family offices kept the faith with direct investing.Within direct investments,growth and early-stage companies are the most favored categories.This preference likely reflects the potential for higher returns in these segments,as well as the opportunity for family offices to actively engage with portfolio companies and contribute to their growth.These trends highlight the evolving role of family offices in the private equity landscape and their increasing sophistication in navigating this complex asset class.2025 Global Family Office Report Private equity allocation by fund type in the last 12 months GLOBAL VIEW Much like in 2024,growth equity had the highest share(28%)of private equity allocations,followed by buyout(21%)and venture capital(19%).Secondaries remained in line with their level last year around 10%.Overall,then,family offices were keener on funds focused on more proven business models that seemed closer to scalability than on more speculative venture investments.Likewise,they preferred buyout funds,which typically have a shorter return horizon than venture capital.59 2025 Global Family Office Report AUM VIEW Family offices with less than$500 million in AUM were more focused on growth equity funds compared to their larger peers(33%vs 22%.)The latter expressed a greater preference for buyout funds,by contrast(27%vs 16%).One explanation for this could be potentially better access for larger family offices to major deals from leading buyout funds,while smaller family offices more often turn to deals from growth managers.AUM$500 MM REGIONAL VIEW Venture capital was more popular in Europe,the Middle East and Africa(22%)and North America(23%),particularly compared to Latin America(9%).Both Europe and North America are well known for hosting thriving venture capital ecosystems.Growth equity commanded a significant following across all regions,from 23%in Europe,the Middle East and Africa to 30%in Asia Pacific.Family offices globally may be attracted by growth equitys potential for greater upside than in buyouts but the lower risk than in venture capital.60 2025 Global Family Office Report 61 Engagement with direct investments GLOBAL VIEW Direct investing remained high on the agenda for family offices worldwide,with 70%saying they were engaged here.Yes No 2025 Global Family Office Report AUM VIEW Respondents with AUM over$500 million were more engaged with direct investments(74%)than their smaller peers(67%).Larger family offices are typically better able to direct resources toward the expensive internal due diligence capacities that such deals require.They may also be more tolerant of illiquidity.AUM$500 MM REGIONAL VIEW North America family offices were most engaged(77%)in direct investing,with those in Latin America the least so at 57%.Given that many Latin American entities have significant operating businesses,they may feel less inclined to add further illiquidity via direct investments in private equity.62 2025 Global Family Office Report Direct investing strategy adjustments GLOBAL VIEW Despite the sharp equity selloff and economic uncertainty that accompanied the outbreak of the trade war earlier in 2025,family offices kept the faith with direct investing.While 41%maintained their direct investing exposure in the last 12 months,a similar proportion of them upped their exposure.AUM VIEW Similar trends were evident among family offices with AUM above and below$500 million.However,a higher proportion of smaller entities reported having decreased or significantly decreased their direct investing activity compared to larger ones(23%vs 15%).Lower tolerance for illiquidity risk amid the tariff-related economic uncertainty may explain this.AUM$500 MM 63 2025 Global Family Office Report REGIONAL VIEW Activity was most brisk among family offices in Latin America,with 53%reporting increased or significantly increased direct investing.At the same time,though,23%of entities in that region said they had decreased or significantly decreased exposure.64 2025 Global Family Office Report Direct investing stage preference in the last year GLOBALVIEWAs in 2024,family offices continued to express the strongest preference(52%)for growth-stage aka Series C or D companies.Early-stage aka Series A or B companies were mentioned by 37%of respondents.This may be to do with the lower perceived risk in growth compared to venture capital.Secondary transactions accounted for 30%of investments,while pre-IPO investments represented 22%,illustrating how investors have adapted to generate liquidity from these illiquid investments.Startup/incubation/seed funding captured 20%of investment activity,and leveraged buyouts constituted the smallest share at 14%.65 2025 Global Family Office Report AUM VIEW Both smaller and larger family offices(48%and 56%)cited growth equity investments as their preferred direct investing stage in the last 12 months.However,larger family offices were much keener on pre-IPO investments(30%vs 14%).Smaller family offices were more attracted to start-up/incubation/seed funding opportunities than larger entities(24%vs 15%).Greater accessibility and smaller ticket size may explain this.Leveraged buyouts were twice as popular among larger AUM respondents,meanwhile(20%vs 10%).AUM$500 MM REGIONAL VIEW There was a consistently high preference for growth companies(Series C and D)across family offices from all regions.Secondary transactions had conspicuously more appeal in Latin America,while pre-IPO was favored similarly in Latin America and Asia Pacific.The region with the most balanced distribution of preferences was North America.The latters greater appetite for leveraged buyouts is perhaps a sign of the maturity of the market and the presence of many larger family offices.66 2025 Global Family Office Report 67 Controlling stakes in operating businesses GLOBAL VIEW Over three quarters of family offices globally reported owning controlling stakes in operating businesses.Especially for some newer entities,these businesses will be the initial and future source of family wealth through liquidity events.However,some families have decided to retain operating businesses because of their continued financial contribution and their role within family unity,identity and employment.Yes No 2025 Global Family Office Report AUMVIEWFamily offices with AUM over$500 million were slightly likelier to have controlling stakes in operating companies than their smaller counterparts(79%vs 73%).While the margin was slim,this finding is somewhat counterintuitive,given that smaller entities often serve families who have created their wealth more recently and have retained a business that generated their success.Larger family offices are typically more mature and have made more efforts to diversify.REGIONAL VIEW Family offices in Latin America(88%)and EMEA(86%)had a higher propensity to own controlling stakes than the other two regions(around 71%).This was possibly due to the former regions long-standing tradition of family businesses ownership.68 2025 Global Family Office Report 69 Acquisition of companies via a control transaction GLOBAL VIEW Acquisition of companies via a control transaction is a priority for a small minority(8%)of family offices,while another 14%are considering it.However,these results may well understate the true situation,as such acquisitions are typically managed by the familys operating company and not their family office.No Yes Considering it 2025 Global Family Office Report AUM VIEW Likely because they have greater resources and access to expertise,larger family offices express a greater interest in acquisitions(26%vs 19%).AUM$500 MM REGIONAL VIEW Europe,the Middle East and Africa family offices expressed the greatest interest in pursuing acquisitions via control transactions(30%).In Latin America,the figure was just 9%.This may reflect a greater emphasis on building rather than buying companies in the latter region.70 2025 Global Family Office Report EBITDA range for potential acquisitions GLOBAL VIEW For those aspiring to acquire companies in a control transaction,potential targets with earnings before interest,tax,depreciation and amortization(EBITDA)below$25 million appeared to be the sweet spot(72%).AUM VIEW Larger family offices were more open to acquiring companies with higher EBITDA.After all,they are likely to be more equipped to pay the higher prices involved.Over 41%of family offices with AUM above$500 million mentioned potential acquisitions with EBITDA above$25 million.AUM$500 MM 71 2025 Global Family Office Report REGIONAL VIEW Family offices in Latin America were seeking companies in the higher EBITDA range,with two thirds mentioning acquisition targets whose EBITDA was greater than$25 million.By contrast,North America family offices were focused on smaller businesses,with 78%looking for targets with EBITDA below$25 million.72 2025 Global Family Office Report 73 Family office management Overview Professionalization is most advanced for the investment function,but progress is also in evidence in other areas such as separation of the family office from family business.Many respondents reported working with external investment advisors,while almost always retaining ultimate decision-making authority.Relative investment performance was the main success metric for family offices,with client satisfaction surveys uncommon.Technology adoption has advanced over the years,but there are still many barriers,particularly a lack of internal expertise.AI deployment is accelerating,with portfolio construction and performance reporting the key areas.Meeting family members needs and expectations was the top challenge cited,followed by adapting to market conditions.2025 Global Family Office Report Family office primary focus GLOBAL VIEW Investment management dominated the services provided by family offices(92%)together with accounting,tax and reporting(62%).Despite the value that family principals place on fostering family unity and continuity,it is striking to see that this lags far behind as a priority(33%).Family offices are thus still more focused on financial issues,most likely a result of resource constraints.AUM VIEW Both large and small family offices had a similar focus on investment management and accounting,tax and reporting.Interestingly,smaller family offices were more focused on fostering family unity and continuity(36%vs 29%),possibly as they were seeking to tackle this issue as early as possible rather than potentially playing catch up later on.Larger entities were somewhat more involved in philanthropy(26%vs 17%),most likely given their greater resources and capital.AUM$500 MM 74 2025 Global Family Office Report REGIONAL VIEW The primary focus on investment management was evident across family offices in every region.Accounting,reporting tax and administrative services were mentioned more often by respondents from Latin America(70%)and North America(71%)than by those elsewhere(around 55%).Perhaps because of the regions traditional emphasis on family business,Latin America and Asia Pacific were the leaders when it came to fostering family unity and continuity,at 40%and 38%respectively.Once again,North America respondents placed greater emphasis on philanthropy(34%).Tax incentives and longstanding tradition are likely to explain this.The comparable figure in Asia Pacific was just 11%.Lifestyle management which can cover a wide variety of personal and non-financial activities including travel&leisure,household affairs,security and more was notably more of a focus in North America(27%)than elsewhere(average 13%).GENERATIONAL VIEW As family wealth passes to new generations,the significance of fostering family unity and continuity increases.After all,the larger and more complex a family becomes over time,the greater the scope for divergences in vision and values.Forty-three percent of third-generation or later family offices cited this as a focus issue,compared to 32%of first-generation entities.Interestingly,lifestyle management declined in importance for longer established family offices.This may be a function of the difficulty of providing personal services to families with increasingly numerous members over time.75 2025 Global Family Office Report Family office services provided GLOBAL VIEW Reporting,investment management and accounting are widely treated as foundational services in the family office industry along with philanthropy.Most respondents said they handled them internally,with reporting and investment management out in front(63%and 60%apiece)and just over 50%managing philanthropy and accounting internally as well.Considerations around customization and confidentiality may be among the main reasons for this.Family education,trusteeship,tax,insurance management,cybersecurity and legal services show a greater reliance on external or combined internal/external approaches.After all,these areas frequently require an extremely high level of specialist expertise and resources,which may be more economically and efficiently obtained externally.Lifestyle management and family education were not provided by around half of respondents.Some families may prefer to entrust much of the former to directly employed household personnel,while early-stage family offices might not yet be thinking about the latter.Overall,the proportion of family offices providing a combination of internal and external delivery rose across all categories,illustrating a growing tendency to deliver services in partnership with external suppliers to manage complexity(insurance management,cybersecurity and legal services are new categories in 2025).76 2025 Global Family Office Report 77 AUM VIEW Larger family offices tend to handle more services internally,while their smaller counterparts rely more on external providers.Resources are the most plausible determinant here,as in-house expertise and systems come at a high price.Certain services,such as legal and cybersecurity,are consistently outsourced or partly outsourced regardless of AUM size.AUM$500 million 2025 Global Family Office Report REGIONAL VIEW The mix of in-house and outsourcing that family offices select varies between regions and according to function.In Asia Pacific,where the family office industry is relatively young,finding qualified personnel can be harder.This leads to more outsourcing in that region.Latin American family offices have historically tended to develop capabilities internally,usually by transferring staff from their family businesses.Preserving confidentiality is often a foremost concern.In North America and Europe,the Middle East and Africa where the industry is perhaps most mature outsourcing decisions are more often a matter of preference rather than of necessity.Foundational services such as reporting and investment management are widely handled internally across all regions.External-only handling is rare everywhere.Likewise,philanthropy was predominantly provided internally.A strikingly high proportion of Asia Pacific family offices did not offer this function,however.One possible reason here is that philanthropy is more likely delivered through separate structures,without family office involvement or still emerging.The lack of cybersecurity offering at 55%of family offices in Latin America and 44%of Asia Pacific respondents represents a potentially urgent area for development,given the growing risks posed by digital miscreants.Not offered 79 Notoffered2025 Global Family Office Report 80 Not offered Not offered 2025 Global Family Office Report 81 GENERATIONAL VIEW Over time,as families become large and more complex,the need for family education rises and becomes a higher priority for family offices.This is reflected in the increase in percentage of family offices over time who provide family education,whether internally or with an external partner.For those serving the first generation,the figure is 58%,but 69%for the third generation.Not offered Not offered 2025 Global Family Office Report Family Office CIO GLOBAL VIEW Globally,55%of family offices had a chief investment officer(CIO),while 45%did not.Having a CIO can help develop a family offices investment function,giving greater cohesion and control.Many first-generation family offices who made up half of respondents may not yet have taken this step or decided to outsource that function.Yes No AUM VIEW Only 48%of smaller family offices had a CIO compared to 64%of large ones.Attracting and retaining the necessary talent is less challenging for sizeable,well-resourced entities.AUM$500 MM 82 2025 Global Family Office Report REGIONAL VIEW Around 60%of family offices in all regions other than Asia Pacific reported having a CIO.In the latter region,the figure was 44%.The family office industry is younger in Asia Pacific,with many newer entities perhaps less able to afford and attract such talent.GENERATIONAL VIEW Longer-established family offices were somewhat likelier to have their own CIO.Sixty percent of those serving third-generation families or beyond had in-house CIOs,probably reflecting their greater resources and more sophisticated investment needs.For first-generation entities,the figure was 55%.83 2025 Global Family Office Report Family office working with external investment advisors GLOBAL VIEW Sixty percent of family office respondents worldwide reported working with external investment advisors.This underscores the high reliance on service models that combine in-house and outsourced capabilities.Yes No AUM VIEW Larger family offices were slightly more likely to report using external advisors overall.AUM$500 MM 84 2025 Global Family Office Report REGIONAL VIEW Latin America family offices reported the most engagement with external investment advisors(74%)alongside North America(68%).This could reflect the need for guidance and support in specialist areas,such as private equity direct,where entities in Latin America have been especially active lately.The availability of the worlds most advanced advisor ecosystem could have influenced the pattern in North America.GENERATIONAL VIEW Engagement with external investment advisors globally was 58%among first-generation family offices.This dropped slightly to 55%for those serving the second generation and rose to 77%for the third and thereafter.Reliance on external investment advice thus appears to grow over time alongside the tendency to have an in-house CIO.Both are evolutions that denote a more developed approach to investing.85 2025 Global Family Office Report 86 Make,Manage or Mandate?The scale of family offices investment management responsibilities is not always matched by the resources at their disposal.And as the investment landscape has become increasingly complex,the challenges involved have intensified.How best to approach this intensifying task?Among the leading possibilities are:Creating an in-house investment office(“make”model)where decisions and execution are undertaken directly by executives within the family office.Engaging a traditional investment consultant(“manage”model)where a family office receives external advice but ultimately makes investment management decisions and executes itself.Partnering with an outsourced chief investment officer(“mandate”model)where the family office awards a mandate to an external provider who makes decisions and executes on its behalf.Our team can discuss the advantages and challenges of each model to help you select one that best serves your needs.John Anderson Head of Institutional Investment Management 2025 Global Family Office Report Services provided by external investment advisors GLOBAL VIEW Family office respondents said they relied on external investment advisors for a broad range of services.Investment management itself was the leading function(73%),followed by research(57%)and trade execution(51%).Asset allocation(46%),performance analysis&reporting(43%),due diligence&access to managers(41%),and risk analysis&reporting(32%)were also mentioned.Overall,the picture was one of increasingly intricate integration between in-house and outsourced services.Family offices were seeking to augment their internal capabilities where cost and efficiency justify it,even if only in a narrow function.87 2025 Global Family Office Report AUM VIEW Smaller family offices were more engaged with external investment advisors across most functions.Research was the key exception,with higher usage among larger firms(62%vs 53%).Smaller entities were rather more likely to work with outside specialists on trade execution(56%vs 44%),asset allocation(58%vs 33%),and risk analysis&reporting(38%vs 26%).AUM$500 MM REGIONAL VIEW Use of external investment managers was the norm across all regions.Family offices in North America had a greater propensity to use external partners for research.Meanwhile,three quarters of Latin America entities reported using external expertise for asset allocation,much higher than elsewhere.88 2025 Global Family Office Report Investment decision making GLOBAL VIEW Despite their significant reliance on outsourcing,family offices almost always retain ultimate investment decision making authority.Investment decisions are fairly evenly distributed between in-house investment professionals(27%),an investment committee(26%),and one(26%)or more(16%)family members.AUM VIEW Larger family offices are more likely to have in-house investment professionals(32%)and investment committees(31%)compared to smaller ones(23%and 21%respectively).Conversely,entities with AUM below$500 million more frequently rely informally on one family member(29%)or several family members(22%)for investment decisions.Among their larger counterparts,the equivalent figures are 23%and 10%respectively.As the size and sophistication of family offices increase over time,they require a more structured and professional approach.AUM$500 MM 89 2025 Global Family Office Report REGIONAL VIEW Investment decision making by an investment committee was most common in Latin America,at 26%and 57%respectively.Conversely,Latin America regional family offices reliance on one or more family members and external advisors to make decisions was less than it was elsewhere.Asia Pacific entities were the most likely to depend on one or more family members(56%combined).The relative youth of the family office industry in Asia Pacific could be a factor here.90 2025 Global Family Office Report Overall professionalization of the investment function GLOBAL VIEW With many family offices beginning life as informal bodies with ad hoc practices,their subsequent professionalization typically starts with the investment function.A periodic review a systematic assessment of the portfolio strategy and performance,governance and so forth and due diligence of investments were top priorities.Some 78%and 54%of entities worldwide mentioned already having adopted these core practices.Creating investment committees and investment policy statements(IPS)came next,at 53%and 45%respectively.In line with previous findings,usage of third-party software for consolidated reporting remained limited to four in ten family offices.However,adoption of these practices is growing,hence the substantial percentages of respondents saying they are“working on it.”91 AUM VIEW Professionalization is further advanced in larger family offices than in those with AUM below$500 million.Respondents from the former group were ahead in every single category.After all,larger family offices are typically longer established,better resourced and face greater investment complexity.The biggest gap was in due diligence(69%vs 40%).However,many smaller entities are aware of their need to professionalize,particularly by embracing due diligence,an IPS and risk management.2025 Global Family Office Report AUM$500 million 92 2025 Global Family Office Report REGIONAL VIEW Professionalization was most advanced among respondents from Latin America.They were likelier to report having periodic reviews(95%)and investment committees(86%)than their counterparts elsewhere.Conversely,family offices in Asia Pacific said they were“working on”many aspects of professionalization.The region lagged especially in third-party software adoption(24%)and for having an IPS(34%).For family offices in North America and Europe,the Middle East and Africa,which are often long established,the focus appears to be on bridging gaps in risk management,with nearly a third“working on it.”93 2025 Global Family Office Report Professionalization of the family office beyond investing GLOBAL VIEW Overall,there was a positive year-over-year trend toward professionalization among respondents worldwide.Progress occurred around separation from the family business(72%),performance reviews(64%),budgeting(63%)and clear processes/internal controls(62%).That said,there is room for improvement.A sizeable contingent reported an absence of client service agreements(53%),governing boards(36%),cybersecurity controls(31%)and leadership succession planning(35%).Again,though,family offices are addressing such gaps,with many citing work in progress,especially on succession planning and risk management planning.94 2025 Global Family Office Report AUM VIEW Larger family offices have higher adoption rates across all the professionalized practices we surveyed.That said,the distribution of responses the proportions of yes,no and“working on it”answers was similar across both groups.This suggests equivalent prioritization,if not identical levels of progress.The biggest gaps were seen in annual performance review,clear processes and internal controls,and client service agreements.But there was much less difference between larger and smaller entities when it came to cybersecurity controls,a strategic plan and risk management planning.AUM$500 million 96 2025 Global Family Office Report REGIONAL VIEW Europe,the Middle East and Africa and North America were broadly the most professionalized regions in matters beyond investing.They led the way in separation of the family office from the business operations,at 73%and 75%respectively.They were also out in front when it came to annual performance reviews,clear internal processes and controls,job descriptions for all employees,and cybersecurity controls.Scope for improvement is clear,though.Leadership succession planning garnered low positive responses(24%to 30%)across all regions,as did client service agreements(29%to 34%),cybersecurity controls(27%to 52%)and risk management plans(32%to 53%).97 2025 Global Family Office Report GENERATIONAL VIEW Longer-established family offices serving the second or third and subsequent generations placed greater emphasis on more formalized practices.Such formalization can help them better address their families expectations,particularly as family members and branches multiply over time.Affirmative responses rose with each generation concerning governing boards,cybersecurity controls,job descriptions and a strategic plan.On the last of these,for example,66%of family offices serving the third generation or beyond answered positively,compared to 44%for first-generation entities.Despite improving focus over time,client service agreements and leadership succession planning remain the top two areas for improvement.Even by the third generation or beyond,just 29%and 39%respectively reported formalization.98 2025 Global Family Office Report Formalized service delivery in the family office GLOBAL VIEW Overall,many family offices had adopted basic digital infrastructure such as secure online access(56%)and document management systems(48%).However,almost half of respondents were operating without client agreements(46%),cost/benefit analyses(43%)and disaster recovery plans(39%).Still,the relatively high percentage of“working on it”responses in several areas indicates growing awareness and initiatives to professionalize service delivery.99 AUM VIEW Larger family offices demonstrated slightly higher adoption rates across most categories compared to their smaller counterparts.The widest gaps were in state-of-the-art financial reporting tools( 19%)and disaster recovery planning( 16%).That said,family offices with AUM of less than$500 million actually had a slender lead( 1%)in having documented client goals.2025 Global Family Office Report AUM$500 million 100 2025 Global Family Office Report REGIONAL VIEW Family offices across all regions appeared to have prioritized secured online access to financial systems and document management systems.Progress on disaster recovery plans is most required in family offices from Asia Pacific and Latin America.Entities from Europe,the Middle East and Africa were most consistently strong in formalizing the various practices.101 2025 Global Family Office Report GENERATIONAL VIEW The family offices of longer-established wealthy families with multiple branches and members more commonly adopt best practices for service delivery.For example,family offices serving the third generation or beyond are likelier on average than earlier-stage entities to use a document management system(59%vs 49%)and even disaster recovery plans(41%vs 33%).102 2025 Global Family Office Report Measuring the family office GLOBALVIEWRelative investment performance was the main metric used to assess how family offices were delivering for their principals(65%).Many also used discretionary assessments(59%)and cost management(58%).The lack of take-up of client satisfaction surveys was surprising,with 73%replying in the negative.Overall,there appears to be a need for a more holistic approach to measuring family office performance.AUM VIEW Larger family offices cited performance relative to non-investment benchmarks as a success metric much more than their smaller counterparts(53%vs 38%).This may be to do with the evolution of family expectations over time.Bigger,better resourced family offices may be tasked with more duties beyond those relating to portfolios.AUM$500 million REGIONAL VIEW Overall,every regions family offices could use more broader measures to evaluate their performance.Discretionary assessments were most cited in North America,at 67%.This compares to 65%for Europe,the Middle East and Africa,45%in Asia Pacific,and 47%in Latin America.Client satisfaction surveys had been adopted most in Europe,the Middle East and Africa at 20%.The latter may reflect the greater weight of longer-established family offices with more professionalized practices.104 2025 Global Family Office Report Top priorities for technology adoption in the family office GLOBAL VIEW Slow technology adoption was in evidence worldwide.Family offices often seemed to be comfortable operating informally for too long.Their top stated priorities were investment management and data analytics platforms(50%),consolidated reporting(39%)and cybersecurity&data protection(37%).AI&machine learning(28%)was cited ahead of the remaining priorities including accounting and document management.AI and machine learning 105 2025 Global Family Office Report AUM VIEW Larger family offices were ahead in prioritizing the top four categories:investment management and data analytics platforms,consolidated reporting,cybersecurity&data protection,and AI&machine learning.For accounting systems and document management systems,smaller family offices led in terms of prioritization.Overall,this is consistent with smaller family offices having more to do to cover some more basic systems.AI and machine learning AUM$500 MM 106 2025 Global Family Office Report REGIONAL VIEW All regions tended to be slower to adopt new technologies than their institutional counterparts such as banks and wealth managers have been.Family member education tools were a higher priority in Asia Pacific and North America,at 23%and 21%respectively.In Latin America,20%of respondents indicated alternatives investment management as a key technology priority,perhaps reflecting the recent strong regional interest in allocating to certain alternative asset classes.AI and machine learning 107 2025 Global Family Office Report Barriers to technology adoption in the family office GLOBAL VIEW While family office technology solutions have made great strides over the past decade,our survey still reveals many barriers to adoption.Lack of internal expertise is chief among these(57%)as well as a lack of awareness of available options(34%).Respondents also named cybersecurity or privacy concerns(28%)and uncertainty over return on investment(25%)as obstacles.Only 16%reported encountering no barriers to technology adoption.108 2025 Global Family Office Report AUM VIEW Larger and smaller family offices faced similar challenges around technology adoption.However,degrees of impact varied between them.A majority in each group cited lack of internal expertise as the main hurdle.Smaller entities struggled more with awareness of available options(42%),likely due to their resource constraints.Larger family offices expressed greater concern about cybersecurity/privacy(35%)and integrating legacy systems(23%),possibly reflecting more complex existing infrastructure.AUM$500 MM REGIONAL VIEW Regionally,lack of internal expertise remains the principal barrier across the board.Concerns over return on investment and cybersecurity cropped up frequently.Resistance to change from family members was seen as a more minor hurdle.109 2025 Global Family Office Report Use of AI in the family office GLOBAL VIEW What a difference a year can make.In 2024,we asked family offices for the first time if and how they were using AI within their operations.Adoption rates were low,with nearly three quarters reporting no usage across any function.Rates of adoption have since shown significant progress.More than a fifth of respondents(22%)had automated some operational tasks or are doing investment analysis or forecasts with the help of AI,up from around 13%last year.AI use in investment performance reporting(16%)and portfolio construction(13%)more than doubled since last year.These results betoken both broader acceptance and improvements in AI tools themselves.110 AUM VIEW The overall rate of AI adoption year-over-year is higher among family offices with AUM above and below$500 million.Interestingly,smaller family offices are equally keen in this regard,likely due to the greater resource constraints they generally face.AI could help fill in their gaps in talent and software alike.By contrast,their larger counterparts may have more staffing and incumbent systems.2025 Global Family Office Report AUM$500 million 111 2025 Global Family Office Report REGIONAL VIEW With AI technology still in its early stages,all regions remained in exploratory mode,with clear trends having yet to establish themselves.That said,we see some clues.Family offices in North America,Europe,the Middle East and Africa,and Latin America led in adoption,primarily with respect to automating operational tasks(above 24%).Investment analysis and forecasting appears to be a priority in Latin America(32%)and in Europe,the Middle East and Africa(28%).Asia Pacific showed the most room for improvement.112 2025 Global Family Office Report Estimated cost of managing a family office GLOBAL VIEW More than a third of family offices(36%)reported their annual operating costs were less than 50 basis points(bps)of their AUM.Another third or so(36%)said they incurred between 50100 bps.Based on our experience,we believe this could only represent the internal operating cost of the family office in most cases,i.e.,excluding the external investment advisory fees and external non-investment advisory fees.Some studies have shown that the total annual cost of a family office including the three components listed above are typically between 100 and 200 bps.*Source:A guide to Establishing a Family Office,Citi Wealth,2025.These ranges are for guidance only and based on our review of client operating budgets and survey data available.113 2025 Global Family Office Report AUM VIEW A large majority of family offices of all sizes reported annual running costs of less than 125 bps.Those with less than$500 million in AUM were a bit likelier to report costs below 50 bps,while larger entities were slightly more numerous in the 5075 bps and 75100 bps brackets.Notably,7%of those reporting costs of 200 bps and above were larger family offices,compared to 6%of smaller ones.Overall,larger entities seem to have broadly similar costs in bps terms to smaller entities.This suggests that intensifying family demands for services as AUM rises may prevent larger family offices from reaping economies of scale.AUM$500 MM 114 2025 Global Family Office Report REGIONAL VIEW Family offices from Asia Pacific were best represented in the 50 bps of AUM and below cost category.This may result from the regions large number of fledgling family offices,which may be leaner operations.However,in North America where family offices are long established and talent costs are typically high three quarters of respondents reported costs of 100 bps or below.Europe,the Middle East and Africa had the most respondents(34%)with costs above 100 bps.115 2025 Global Family Office Report 116 Family office expenses often approximate 1%to 2%of the assets under management“What should my family office cost?”is a vital consideration for family principals everywhere.This is a difficult question to answer,primarily for two reasons.First,the answer will depend on the offices scope,scale and complexity.Second,the benefits to the family need to justify the expenditure of money and time.Ultimately,“value”and“benefit”must be defined by the family.One useful benchmark is to divide the total costs of the family office by the assets under management(AUM).Total family office expenses,defined as internal operating costs plus external investment advisory fees and external non-investment advisory fees,typically average 1%to 2%of the AUM.Our family office advisory team has deep experience working with the worlds leading families and can help guide clients on various aspects of family office creation and management.Ajay Kamath North America Family Office Advisory Head Global Family Office Group 2025 Global Family Office Report Family office primary challenges GLOBAL VIEW Like last year,meeting family members needs and expectations was the top challenge cited by family offices(54%).Adapting to market conditions remained in second place(50%).So,respondents continue to show growing awareness of families expectations of support beyond financial matters.This is particularly true in relation to guidance on helping to foster family unity and continuity page 141.Unfortunately,many family offices are still not able to address such issues sufficiently,acknowledging them as their foremost challenge.117 2025 Global Family Office Report AUM VIEW While the primary challenges cited are similar for family offices of all sizes,attracting and retaining talent seems a more frequent issue among larger family offices(37%vs 25%).After all,such entities will generally have more positions to fill.Conversely,smaller family offices expressed greater concern about ability to adapt to changing market conditions(54%vs 46%),most likely due to their lesser resources.AUM$500 MM 118 2025 Global Family Office Report REGIONAL VIEW Meeting the needs and expectations of family members was the top challenge in every region,mentioned by 60%of respondents in North America down to 47%of those in Asia Pacific.Of other issues,navigating regulatory compliance was of greatest concern in Asia Pacific(43%),as was privacy(25%).The industry has evolved faster in that region than the applicable regulations.But as the latter catch up,compliance emerges as a challenge.Respondents in Latin America were noticeably more preoccupied about implementing technological solutions(40%)than their counterparts elsewhere(average 28%).GENERATIONAL VIEW The challenge of meeting the needs and expectations of family members increases with time.It was cited by nearly 53%of family offices serving first-and second-generation families and 58%of those serving the third generation and beyond.However,adapting to changing market conditions becomes less of a concern over time(from 53%down to 35%).119 2025 Global Family Office Report 120 Family governance Overview Family governance systems have room for growth,and many are working toward creating them.Investment risks were mentioned far more often than those of the operation,family-related,liquidity and geopolitical varieties.Respondents felt their investment risks were well managed,but much less so cybersecurity,geopolitical and personal security risks.The most significant gap between family needs and family office services was in next-generation preparedness.Education about family wealth and mentoring&professional experience were the most widely offered opportunities to next-generation family.More family members were said to be considering moving jurisdictions or changing citizenship than last year.2025 Global Family Office Report Families primary concern GLOBAL VIEW As in previous years,the top family concern as reported by their family offices was financial.Seventy percent of respondents mentioned preservation of the value of the familys assets.Preparing the next generation to be responsible wealth owners(62%)was not far behind,followed by ensuring shared goals and vision for the familys future(43%).These results continue to underscore the dual priorities of family principals who seek to prepare wealth for their families and to prepare their family for wealth.AUM VIEW Families reported having mostly similar levels of concern irrespective of the size of their family offices AUM.That said,the families with smaller AUM were said to be more preoccupied with managing their spending.Those with larger AUM were more interested in enhancing philanthropic impact.AUM$500 MM 121 2025 Global Family Office Report REGIONAL VIEW Simultaneous prioritization of financial goals(asset value preservation)with family considerations(preparing the next generation,shared vision)was a feature among families across all regions.This is striking given the significantly different regional environments.Enhancing philanthropic impact was more often cited as a primary family concern in North America(28%)than in other regions.Philanthropic tradition and tax incentives may explain this.Latin America families stood out for being most concerned about ensuring shared values and vision for their future together(70%)and strengthening family governance(35%).These likely reflect a cultural preference for keeping families together across generations.GENERATIONAL VIEW While preserving the value of assets remained a constant family concern across generations,family-related issues become more acute over time.For example,preparing the next generation for wealth was cited as a primary concern for 64%of third-generation families and beyond compared to 59%of first-generation families.Likewise,the need to manage leadership transitions was seen as more pressing(36%vs 27%).122 2025 Global Family Office Report Family decision making GLOBAL VIEW Two thirds of family offices reported having a system(67%)for investment decision making,while 43%had governance in place for family decisions.Philanthropic decision making remained the most informal,with 44%of families neither having formalized its governance nor reporting that they were“working on it.”AUM VIEW As in 2024,larger family offices were ahead of their counterparts with smaller AUM with respect to family enterprise governance.Informal decision making most likely becomes more inefficient and riskier as the familys level of wealth increases.AUM$500 million 123 2025 Global Family Office Report REGIONAL VIEW Across all regions,family offices had mostly robust investment governance but varying degrees of formal governance in other dimensions.North America(47%)and Latin America(58%)led the way in family governance,while governance for philanthropic activities lags across regions,indicating a significant area for potential growth and development.124 2025 Global Family Office Report GENERATIONAL VIEW Family offices 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