Mrs Christine Ong, told a conference that the talent shortage remains and will pose a challenge for the sector unless the ranks are boosted.

Her comments underscore how Singapore is seen as one of the world's most important wealth management hotspots. As other jursidictions such as Switzerland come under pressure due to attempts to crack down on so-called tax havens, the city-state is seen as a primary beneficiary if offshore money seeks a new home. The city state is also seen benefiting from an expected continuation of strong Asian economic growth over the long term.

In recent years, consultants such as PricewaterhouseCoopers have warned that Singapore and other Asian financial centres face a shortage of skilled personnel in wealth management.

Mrs Ong estimates that the headcount of about 1,200 private bankers already based in Singapore - after subtracting the 300 or so "inexperienced" private bankers - will have rise to about 2,100 over the next five years, the report said.

UBS declined to comment when asked about Ms Ong's comments by WealthBriefingAsia.  

"This is probably a conservative estimate," she said. "If you look at where we're today, the industry requires more experienced bankers because of the more complex wealth management needs of clients."