Personally I never carry much money around with me, I just get local cash from the ATM every week and split it up between my backpack, money belt and wallet. I used to have a wallet with a chain attaching it to my pants but recently I went without a wallet altogether and just had the notes in my trouser pockets.
If it is just about cash, a 'real' money belt could be an alternative, something that is just as thick as a normal trouser belt but has an opening on the inside to put your bank notes. I used one for one trip once, but the fact that is is only for cash but not for a passport or credit cards, made it less attractive to me. Protecting your travel documents and bank cards is much more important than cash.
There are also undercover leg wallets, but because they bend around your leg, they again are not good for passports and cards. The other problem it if you wear shorts a lot, they are not so undercover anymore.
I personally don't like having anything hanging around my neck or under arms, so for me it comes down to the traditional money belt (as in your photo) for one passport, some credit cards and a bit of cash. The second passport and other cards are in the locked backpack.
In some places I even used two money belts on top of each other, an outer one with some cash and a lower one with the important stuff. The thought was that if you get mugged and give them your first money belt, they wouldn't bother searching you any further.