Inflation has supplanted trade wars and tariffs as the top risk concern for ultra-high-net-worth individuals this year, with interest rate changes and global financial system stability closely following, according to Citi's latest annual Global Family Office Report. The survey found that over 90% of participating family offices reported positive returns this year, and nearly half increased their holdings in listed equities in the first half, with U.S. stocks being the preferred choice for future net additions. Furthermore, the appeal of gold has significantly risen, with Andy Sieg, Head of Citi Wealth, stating that gold now comes up in almost every conversation he has with clients. To address the growing demand for physical gold, Citi recently joined the ranks of London gold market vault and clearing services. The survey was conducted between June and July this year, covering 350 family offices across more than 40 countries.