What do most millionaires own real estate or stocks?

Most millionaires tend to invest in both real estate and stocks, but real estate often plays a more prominent role in their wealth accumulation. Real estate provides not only potential appreciation in value but also passive income through rental properties. Stocks, while also a significant investment, can be more volatile and require active management. Ultimately, a diversified portfolio that includes both asset types is common among millionaires to mitigate risk and enhance returns.