"They're hedging their bets," he said. "They see a sporadic recovery" in housing and autos, he added.
He said the reason millionaires are easing back into stocks is their need for higher returns and the relative strength of the stock market last year.
"It's really that they're looking for an improved rate of return," he said.
About half of America's millionaires are investing overseas. But they're not piling into the BRICS like they used to. While Brazil and China still top their list of preferred countries for investing, Canada and Europe ranked third and fourth. Russia ranked last and India was also low on the list.
Walper said that the wealthy are looking for economic growth, but they also value stability.
"Canada is seen as stable," he said. "And they don't have the same health-care issues we have."