Wealthy investors here are more risk-averse and have the lowest level of portfolio diversification than those in Hong Kong and Switzerland, yet they still have the high expectations for returns. The findings come from a recently released private banking survey sponsored by Liechtenstein's LGT Group, which polled 505 high-net-worth individuals in the three markets last year. The more conservative nature of Singapore's rich is also reflected in the fact that they hold half their investable assets in cash. "Cash is an asset class that risk-averse Singaporean investors usually perceive as a safe and attractive investment with minimal risks, providing generally high liquidity and akin to a safety net in these uncertain times," said SMU Vice President (Business Development & External Relations) and Associate Professor of Finance Annie Koh, who analysed the results. Singapore-based clients also showed no faith in European blue-chips and bonds. She said: "Given Singapore's proximity to China and the expected growth opportunities in Asia over the next decade, it was not surprising that Singaporean investors rate gold, blue-chip China shares and top-rated (yuan) bonds as being able to deliver the most positive returns."