Australia's millionaires pour more of their wealth into real estate than the rest of the world's rich, even though they appear worried about a housing bubble.

Property attracted 33 per cent of their wealth during the first quarter of 2014, well above the global average of 19.5 per cent, a report by global business and technology consultancy Capgemini and Royal Bank of Canada found.

But it was a drop from 41 per cent a year earlier.

"Record low interest rates in the country could be sowing fear of a property bubble, explaining the drop," the Asia-Pacific wealth report said.

Still, Capgemini's wealth management specialist Dorus van den Biezenbos said Australian millionaires saw property as a safe investment.