LGT’s study of 515 high net worth clients found that Singaporeans are notably more risk adverse than their counterparts in Hong Kong and Switzerland. SMU Vice President, Business Development & External Relation, and Associate Professor of Finance Annie Koh commented that Singaporeans perceived cash as a safe asset in view of the global economic uncertainty. Furthermore, a large amount of cash allows liquidity and offers flexibility in entering the property market. Assistant Prof Koh also recommended investing in more diverse asset classes for stable long-term returns. As for why respondents from Hong Kong and Singapore had such different investment preferences, Associate Prof Koh commented that after the 1997 Asian Financial Crisis, Hong Kong has experienced numerous developments such as the high immigration flow, which led to their higher risk appetite for short term investments. Another difference lies in investment education, in which more Singaporeans respondents felt they lack. Associate Prof Koh also said that after the economic crisis, private banking would face greater challenges, such as providing better service, enhancing communication as well as investment education.