The US organisation reckons the wealth management firm's revenues will continue to rise; they now account for 55 per cent of the Swiss lender's total.

A report by the US-based research organisation Trefis predicts that UBS, already the world's largest wealth management firm, with more than $2.3 trillion of assets, will log $19.2 billion of revenues in 2024, up from just under $17 billion last year.

Wealth management now accounts for about 55 per cent of the Zurich-listed firm's total revenues (up from 35 per cent in 2006); trading revenues have held steady at around the 18 per cent mark, the report, as cited by Forbes, said.

Since the 2008 financial crisis, when the Swiss government provided the country's largest bank with bailout assistance, the lender has restructured, cutting investment banking exposures (a move taken by a number of its rivals). UBS has also increased its market presence in regions such as Greater China and Southeast Asia, and remains an important wealth management player in the US.

Asia’s contribution to the bank’s client assets has grown from around 7 per cent in 2006 to more than 15 per cent; Trefis reportedly expects this contribution to reach around 17 per cent in 2024. (In its joint report with PricewaterhouseCoopers last year, UBS pointedly noted that China now leads the way in minting new billionaires.)

The report said that UBS’s fees have remained around 0.8 per cent of client assets over the last 15 years, as an increase in asset base has been accompanied by a similar increase in revenues. Trefis expects that average fees will remain at around 0.7 per cent for the next few years.