The European focus marks a big shift since 2011, when China was the top overseas investment destination, at 21 percent. It was followed by Brazil with 20 percent. Europe was a distant third in 2011 at 12 percent.
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The latest survey polled 1,465 people with investible assets of $1 million to $5 million.
So why do millionaires like a region wracked with recession fears, looming deflation and increasingly jittery stock markets?
George Walper, president of Spectrem Group, said millionaires don't necessarily love Europe—it's more that they feel the governments there are more stable and less involved in the economy than governments in China, Brazil and other once-trendy emerging markets.
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"I think it's more around where they have the most comfort," Walper said. "When you look at China and Brazil and other countries there's a concern about stability and what the governments are doing."
In other words, it's not that Europe is attractive. But for millionaires, it's the least unattractive of the overseas markets right now.