Where is the big money going this year?
Europe.
Whether shifting to the Old World turns out to be a smart move or not, the rich are more likely to invest in Europe this year than in any other region abroad, according to a new study from Spectrem Group.
The study, which surveyed investors with $1 million or more in investible assets, found that millionaires are generally cautious about investing abroad, with 58 percent saying they're not willing to invest outside the U.S. this year.
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But of those who are venturing overseas, the greatest percentage are betting on a recovery in Europe and avoiding emerging markets. The study found that 20 percent plan to invest in Europe in 2014.
It was followed by China, with 16 percent; Brazil, with 12 percent; Canada, with 11 percent; Japan and Australia, both with 8 percent; and India and the United Kingdom, at 7 percent. Russia ranked last, with 3 percent.
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Millionaires are also exercising caution with their domestic investing. When asked where they're likely to invest in 2014, the largest number said checking or savings accounts (55 percent). No. 2 was equities (52 percent), followed by money-market funds and certificates of deposit.
Millionaires and multimillionaires may be "concerned about the market maintaining its record levels," said George Walper, president of Spectrem Group.
—By CNBC's Robert Frank. Follow him on Twitter @robtfrank.