Britain's richest and brightest people are increasingly unlikely to read a daily newspaper but their use of the internet is booming, according to latest research.

The latest research into Britain's VIPers - the 10% of the population made up of wealthy professionals, entrepreneurs and media types - shows that while daily newspaper consumption is down slightly, internet use is up by more than 50%.

The research - commissioned by the agency Media Planning in conjunction with the More Group, Classic FM, Times Newspapers, Channel 4 and Condé Nast - is eagerly awaited by advertisers keen to know how best to target Britain's wealthiest consumers.

Just 44% of the 1,000 VIPers surveyed said they read a daily newspaper "very often", with overall readership down 7% over the past five years.

Nearly a quarter of those surveyed said they read a daily newspaper less frequently than they did five years ago.

Sunday newspapers suffered a slight drop, with 50% of people saying they read a Sunday newspaper very often.

But the readership of Saturday newspapers rose to overtake the Sundays, which have traditionally been the most widely read.

Of those surveyed, 51% said they now read a Saturday newspaper very often, and a further 16% said they did so occasionally.

By contrast, use of the internet has gained hugely in popularity with 47% now logging on at home - 60% more than five years ago.

A further 20% uses the internet occasionally.

The most popular newspapers among VIPers are the Daily Telegraph, which reaches 19% of the sought-after AB demographic group, closely followed by the Times, which reaches 18%.

But the results of the survey suggest VIPers regard the Times as the definitive broadsheet.

The Telegraph scores highly for its sports coverage and willingness to voice strong opinions.

Most VIPers said they chose their newspaper on the basis of objectivity and trust, the survey found.