Family offices worldwide have significantly increased their exposure to risk assets in 2024, moving away from cash holdings, according to Citi Private Bank’s Global Family Office 2024 Survey. The survey of 338 participants found that 43% of family offices raised their allocations to public and private equity, with the shift toward public equities strongest in Asia at 68%. Only 31% increased their cash positions, down from 47% last year, while 37% reduced their cash holdings. Nearly all respondents (97%) expect positive portfolio returns over the next 12 months, up from 95% last year. Family offices are also adopting more sophisticated investment approaches, with 60% employing investment teams led by a chief investment officer and a strong commitment to alternative asset classes.