According to Towers Watson's 2012 Global Pension Assets Study, pension plans in the seven-largest pension markets combined held 47% of their assets in equities, 33% in fixed income, 19% in other and 1% in cash. Australian funds posted the highest equity average at 54%, while Dutch pension assets had the highest allocation to fixed income at 57%. Swiss plans held the highest exposure to alternatives, with 30% of their $732 billion invested in alts, up from 18% 10 years earlier.