The Financial Times has reached one million paying digital subscribers in what it said is “proof that quality journalism can be a quality growth business”.

The FT is the second British title to top 1m digital subscribers accessing a paywall, although more than half of its subscribers are based outside the UK. The FT has particularly invested in expanding its US readership in recent years, with more than 20% of its subscribers now in the States.

The Guardian reached the 1m milestone first at the end of November, although this figure was a combination of digital subscribers and recurring contributions from supporters under its free-to-all philosophy.