Can be free (preferably) or paid. Need one that's reliable/accurate (preferably updated regularly as well.
It should have the Continent>Country>Region(and/or State)>City hierarchy.
I've looked and found the usual suspects (see below) but they don't seem to be entirely accurate (at least the free versions).
If you've had experience with any databases like these, any advice would be greatly appreciated as to which is the most accurate/reliable.
https://www.maxmind.com/en/worldcities
https://developer.yahoo.com/geo/geoplanet/
http://www.geonames.org/export/
http://www.geobytes.com/FreeServices.htm
Also found a couple of discussions on Stackoeverflow:
http://stackoverflow.com/questions/2463004/free-sql-script-to-get-a-list-of-countries-provinces-states-and-their-cities
http://gis.stackexchange.com/questions/603/is-a-country-state-city-database-available
Also found some old post on HN:
https://news.ycombinator.com/item?id=1093005