"France is being heavily impacted by rising religious tensions between Christians and Muslims, especially in urban areas," Amoils said in the report.
"We expect that millionaire migration away from France will accelerate over the next decade as these tensions escalate."
Paris's Muslim populace has been in heightened focus since the terrorist attacks in the city in January and November 2015 and the assault on nearby Brussels, Belgium in March 2016.
France and Germany have the largest Islamic populations among European Union countries, with around 4.7 million Muslims living in each, according to Pew Research Center. The majority of French Muslims live in Paris and they make up around 7.5 percent of the total French population.
France also houses Europe's biggest Jewish population at 310,000, the majority of which is based in Paris. Fears of anti-Semitism have worsened in the city since the siege at a kosher hypermarket in Paris in which four Jewish hostages were killed in January 2015. The main suspect for the attack, Amedy Coulibaly, claimed allegiance to the so-called Islamic State terror group.
Around 80 percent of the millionaires that moved to Israel last year were from Europe, Amoils told CNBC, attributing their relocation to rising anti-Semitism.
Tel Aviv, Israel's financial capital and second-most populous city, enjoyed net inflows of 2,000 millionaires during the year — the most of any city in the world outside Australia. Israeli cities such as Herzliya, Jerusalem and Netanya also experienced inflows.