Alternative investments, such as hedge funds, derivatives, foreign currency, commodities and private equity, fell to 9.7 percent from 15.7 percent.
The report did not dive into the reasons for the reallocation, but stronger global growth, coupled with hefty liquidity after years of unprecedented stimulus by global central banks, have pushed stock markets around the world to record highs.
On the other hand, investors are wary of geopolitical risks, with tensions growing between the United States and North Korea, and are uncertain about the consequences the U.S. Federal Reserve's exit from unconventional stimulus might have on economies and markets.
Millionaires saw a 24.3 percent return on average on investment portfolios overseen by wealth managers.
This article was provided by Reuters.