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.