Research commissioned by the publisher and carried out in May this year showed that 23% of ABC1s questioned said they had read City AM that day.
This compares to 22% for the Financial Times, 14% for The Times and 10% for The Daily Telegraph, suggesting the London freesheet, which is not yet two years old, has been a notable success.
A total of 32% of ABC1s questioned said they had not read a business-oriented paper that day.
The research also shows that City AM is read for an average of 28 minutes a day.
Chief executive Jens Torpe said: "We would not claim we were ahead of the FT last year. It is encouraging that in the financial heart of the financial capital, more people read City AM on a given day than read the FT. We are also encouraged that reading time is close to half an hour every day."
The figures are part of a research report to be presented to advertisers and agencies from this week. City AM commissioned research company Brandface to undertake 530 street interviews with ABC1s working in the City and Canary Wharf to find out which newspapers are the most popular.
The interviews took place on the street on a weekday after 11am. Other titles mentioned were the Evening Standard, with 11%, The Independent with 13% and The Guardian with 12%.
City AM launched on 5 September 2005. It is distributed by hand from 6am Monday to Friday at key commuter points at the City and Canary Wharf. The paper is also distributed at London businesses and in airport lounges. Brand extensions include the weekly Living supplement, with properties in the UK and abroad, the City PM podcast and the City PM mobizine.
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