The rich don't like stocks?

Tiger 21, the club for millionaires, surveyed its members on their investment preferences..  I wonder about the resulting report, because stocks, although the number one asset, comprised such a small portion of the total  portfolio.  Some 77% of respondents said that they dedicate 15% or less of their money to equities. I wonder how solid their valuations are.

Here's how they approach stock ownership:

     •   23% of equity-related investments were generated through managed accounts
     •   26% of equity-related investments were generated via mutual funds
     •   23% of equity-related investments were generated through individual stock purchases by Members
     •   14% of equity-related investments were generated through index funds (half of which were broad-based, and half of which were focused on specific industries or geographies)
     •   12% of equity-related investments were generated through ETFs, again, split between broad-based selections and sector/geographic bets
     •   2% of equity-related investments were generated via a long-only hedge fund

I take it the managed accounts category would include living trusts.  I am surprised that index funds didn't rate higher.