[Citi survey: Family offices regard inflation as their top concern, favoring stocks and gold] September 22, according to the annual report of global family offices released by Citigroup, inflation replaced trade wars and tariffs as the top concern of this type of private investment institutions this year. The report is based on a survey of 350 companies in more than 40 countries in June and July. Despite this, more than 90% of the family offices surveyed said their portfolios had achieved positive returns this year, and nearly half said they had increased their allocation to listed stocks in the first half. Concerns about inflation have also further boosted investor interest in gold. Sieg said the precious metal comes up in almost every communication he has with clients today, which was not the case two years ago. “In the past few years, families around the world would have typically discussed currency pairs, but now they realize that many advanced economies are facing a similar situation, with difficult fiscal conditions and rising inflation, and perhaps the ‘currency’ of the moment is gold,” he said.