A new survey conducted by Asiamoney Magazine on private banking firms in the region shows that UBS Wealth Management continues to top the roster as the bank of choice among Asia's wealthy.

Based on answers to a questionnaire distributed to high net worth individuals with funds under management by Asia-Pacific private banks, UBS led in all three categories of respondents: those with $1 to 5 million, those with $5.01 to $25 million, and those with more than $25 million. The results were based on the answers of 2,802 participants.

In terms of per country counts, UBS led in Singapore and Taiwan, while EFG Bank took the top spot for the $1 to $5 million category in Hong Kong. EFG also led in Indonesia. Meanwhile, Citibank emerged the strongest choice in South Korea, CIMB Private Banking in Malaysia, and Deutsche Bank Private Wealth in India. In China, touted as the country with the highest investment potential worldwide, HNW individuals said they prefer both BNP Paribas and UBS.

The study is significant in that it rings the alarm for private banks to step up their game if they want to capture a larger share of the Asia's robust wealth pie. In the latest study released by Merrill Lynch and Capgemini in 2010, it was shown that Asian HNWIs saw their wealth rise by 30.9 per cent in 2009, even outdoing Europe and very close to North America, which grew 31 per cent.