Inflation has displaced tariffs as the primary investment concern for family offices heading into 2026, according to a new Citi Wealth survey. The shift highlights a change in risk priorities for these private wealth managers, moving focus from trade policy to price pressures. While the specific drivers of this shift remain detailed within the broader survey, the headline finding indicates that inflation now sits at the forefront of strategic planning for these entities. This development suggests that portfolio adjustments may increasingly target assets that hedge against rising costs rather than those insulated from geopolitical trade risks.