Switzerland and Luxembourg less attractive for foreign wealth investment. - Swiss and Luxembourg banks are attracting fewer millionaires due to questions concerning banking secrecy and competition from abroad. According to a study carried out by the Ecole d'économie de Paris, deposits of around $2.7 billion from foreign customers have been going to tax havens over the past three years. Funds are also shifting to banks in Hong Kong, Singapore and the Cayman Islands, which are far less cooperative as regards banking secrecy. Between January 2008 and July 2011, foreign deposits increased by more than 40% in Hong Kong. In Switzerland, this figure continued to fall with 2,700 billion CHF in deposits in 2011, as opposed to 4,230 billion in 2007. Luxembourg, where private banks manage €300 billion in assets from a 75% European customer base, the market is now focusing on those with wealth worth more than €1 million. (IL/transl.fl)