Capgemini's annual world wealth report found that high-net-worth individuals in Switzerland kept 21.4 percent of their assets in cash and cash equivalents in the first quarter of 2016, down from 28.2 percent a year earlier.
These high-net-worth clients are defined by Capgemini as individuals with $1 million-plus to invest, "Because clients are not receiving any interest, they're looking for alternative investment opportunities," said Tobias Wolf, senior manager at Capgemini Consulting.The Swiss National Bank has pushed interest rates to record lows since January 2015 in an effort to weaken the Swiss franc. It now charges banks 0.75 percent on some deposits.With the exception of Alternative Bank Switzerland, Swiss lenders have not yet passed on negative rates to retail customers, but some have introduced deposit charges for cash-heavy corporate, private and institutional clients.Switzerland's biggest bank, UBS