Rubbish Check
CNBC Top News · 24 September 2026
source“Family offices double down on stocks and private equity even as inflation spurs worry, Citi survey finds”
R3/ 10
Lightly altered
Rubbish Rating — 1 = base fact, 10 = pure rubbish
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In short
Rubbish Talk rates CNBC's claim that family offices are "doubling down" on stocks and private equity despite inflation fears a 3/10, because Citi's own survey shows only a net 34% raised equity exposure and a net 15% raised private equity, modest tilts that "doubling down" overstates.
The Verdict
Lightly altered. The core fact, inflation displacing tariffs as the top worry while allocations barely shift, is reported accurately and with real numbers throughout. The only spin is the verb "double down," which implies aggressive conviction-buying when the underlying data shows incremental, single-digit-to-mid-double-digit net shifts, some categories (fixed income, cash) barely moved at all.
What actually happened
Citi Wealth's annual survey of 351 family offices, conducted in June and July, found that inflation displaced tariffs as family offices' top investment concern in 2026, per a new Citi Wealth survey. Despite that, investment firms of the ultra-rich are making selective cuts to inflation-vulnerable holdings like fixed income and leaning into growth assets like stocks and private equity. Citi's own advisory head said allocations had not swung as sharply as the sentiment shift might suggest.
Key facts
- In the annual survey of 351 firms conducted in June and July, 63% of respondents selected inflation as their top concern, up from 37% in 2025.
- Fear around trade disputes and tariffs was ranked as the top concern by 18% of respondents, compared with 60% last year.
- Fixed-income allocations were largely stable, with just a net 3% more respondents decreasing than increasing exposure over the past 12 months.
- A net 34% of firms increased public equities exposure, while 42% made no change; private equity and cash each saw a net 15% increase.
- Looking ahead, a net 10% plan to raise private equity allocations, while a net 12% plan to cut private credit, the most bearish reading in the survey.
What to watch for
Watch whether the "net" percentages (often single digits) get flattened into blanket "family offices are piling in" headlines in follow-up coverage, since the survey's own framing stresses stability over conviction. Also worth tracking: whether North American family offices' heavier tilt toward real estate and direct private equity, versus the broader pool, becomes its own separate story with less nuance attached.
About this scoreThe R-Score is Rubbish Talk's editorial opinion on how far a headline's framing sits from what the underlying facts support. It is a judgement about presentation and emphasis, not an allegation that any outlet has acted dishonestly. Every figure we rely on is linked under Receipts so you can check it yourself.
