A magnetic memory element including a magnetic storage element including two magnetic layers made of magnetic material, said two magnetic layers opposing each other in a parallel relationship and being vertically oriented relative to a wafer surface on which the magnetic memory element is formed, said two magnetic layers further having a magnetic anisotropy, while its magnetization vectors are magnetically coupled to at least one current line, wherein said two magnetic layers are arranged on a same side of said at least one current line, and a magnetic sensor element including at least one magnetic layer having a magnetization vector being magnetically coupled to said magnetization vectors of said two magnetic layers of said magnetic storage element, said magnetic sensor element being electrically coupled to said at least one current line.