Millionaire U.S. investors by a wide margin favor real estate as an alternative investment, according to Morgan Stanley Wealth Management's latest Investor Pulse Poll.

Seventy-seven percent of survey respondents said they owned real estate, and 35 percent said they owned real estate investment trusts.

GfK Public Affairs polled 1,004 U.S. investors, age 25 to 75, with $100,000 or more in investable household financial assets during the fourth quarter. A third of those interviewed had $1 million or more in household financial assets, and only this subset of households was asked about alternative asset classes.

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Michael S. Fischer

Michael S. Fischer is a longtime contributing writer for ThinkAdvisor. He previously reported on trade and intellectual property topics for the Economist Intelligence Unit and covered the hedge fund industry for MARHedge and Reuters News Service.