The world's richest individuals have picked 10 cities that they would like to live in and buy properties, the Wealth-X and Sothebys joint report showed.

Based on the list released by the two firms, the world's richest individuals picked, in order, New York, London, Hong Kong, Los Angeles, San Francisco, Washington DC, Singapore, Dallas, Mumbai and Paris as the best cities to settle in.

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The report said more than 6 percent of the world's ultra high net worth population has relocated to a country different from where they were born, snapping up properties in famous and posh vacation spots.

Hong Kong ranked third in the list despite high prices and duty. Most recently, the most expensive property per square foot in the world was listed in Hong Kong at US$105 million.

The report said most of the foreign high net worth individuals that own properties in Hong Kong were from China. The median net worth of these rich individuals in Hong Kong is reportedly US $133 million.

Singapore's low interest rates and stable political, social and economic climate were among the reasons why it has become a popular choice for ultra high net worth individuals.

The report said Singapore's popularity is also boosted by the availability of good education and a safe environment for children.

Singapore's foreign property owners were found to be mainly from Indonesia, China and India. Their average age was 59 years old, and most of them were reportedly in the finance, banking and investment industries.

The cities were picked based on concentrated business environment, English proficiency and high living standards.

Most foreign ultra high net worth property buyers in New York, the top city on the list, were from the United Kingdom. Most of them came from the finance industry and are interested in arts.

In London, most foreign buyers were from India, with most of them coming from finance, banking and investment industries. 

TagsWealth X Report, UHNWI, Top Cities to Live