A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

Despite trade war turmoil and recession fears, investment firms of the ultra-wealthy are optimistic about their returns, according to a new survey by Citi Private Bank.

In a poll of 346 family offices, nearly half (45%) of respondents said they anticipated returns of 5% to 10% for the full-year 2025, and more than a third (38%) expected returns to exceed 10%. Only 4% anticipated flat performance or negative returns.

Accordingly, many family offices are making bullish bets, with seven out of 10 saying they had made direct investments in private companies over the pas

See Full Page