A load determining system having a sensorized rolling element bearing in a hub unit for wheels. The bearing includes a first ring and a second ring as an inner and outer ring. The first and second ring may be the inner ring, the other ring being the outer ring. The system includes at least two magnetic sensors attached to the first ring interact with a target wheel attached to the second ring. The system includes a signal processing unit configured to receive the magnetic sensor output of the at least one magnetic sensor, to determine at least axial forces acting on the bearing based on the amplitude of the magnetic sensor output and to calculate averages value of the outputs of the at least two magnetic sensors and to calculate a logarithm of a ratio of the average values to determine a load acting on the bearing.