Former X Factor contestants John and Edward Grimes are reported to be the second highest paid acts from this year’s ITV series.

The News of The World reports that Jedward are commanding £40,000 per gig, a figure only beaten by X Factor winner Joe McElderry who is worth £50,000 per show. Runners up Olly Murs and Stacey Solomon receive £7,500 and £5,000 respectively.

A source told the newspaper: “These figures prove this year’s real sensations are Jedward. They’ll end up making a truckload more than those others.”

“The X Factor was all about Jedward this year. The winner is always looked after financially but there are no guarantees for second, third and fourth place.

“Jedward are in a plum position because they’re being looked after by judge Louis Walsh who wants to make them a lot of money – and make sure they’re in a position to keep making money in the future. He’ll be closely monitoring their performances so that they don’t become over-exposed.”

The boys management are also hoping to further capitalise on the boys notoriety by releasing their debut album, before Joe McElderry releases his.

The source added:

“They have to capitalise on their fame as soon as possible and beating Joe to the record shops would mean they get all the X Factor fans on board first.

“It’ll also mean they have something else to flog at all those summer festivals.

“In 2010 they could make the fortune that will set them up for the rest of their lives.”