The Bank DepositThin moat

GPW (GPW) — moat facet

The most formidable competitor this exchange has faced pays about two percent and requires no decision: more than half of Polish household wealth sits in cash, against an EU average of 31 percent.

The most formidable competitor the Warsaw Stock Exchange has faced is sold by every bank in the country and requires no decision at all.

Net inflows into Polish investment funds (zl bn)2021+10,12022-23,22023+22,92024+42,52025+51,8GPW Management Board report 2025, citing IZFiA
Money has been leaving deposits for funds for three years running.

More than half of Polish household financial assets are held in cash and bank deposits, the highest share among the large EU economies, against an EU average of about 31 percent and 12 percent in Sweden1. A shallow domestic savings base is why foreign investors are 70 percent of Main Market turnover2, why free floats are thin and why the market capitalisation of domestic companies was only 22% of GDP at the end of 20243.

The deposit has started to lose. Net inflows into Polish investment funds were 51,8 billion złoty in 2025 and 42,5 billion in 2024, against outflows of 23,2 billion in 20224. The Personal Investment Account (OKI) takes effect on 1 January 2027: tax-free up to 100 000 złoty, with a 0,85% tax on assets above it, and the finance ministry estimates 74 billion złoty of new capital by 20405.

It is a fourteen-year estimate. It is still the only contest where a change in the rules could move a large amount of money at once.

Watch fund inflows. A return to outflows would mean the deposit has won again; a rise after OKI opens would mean the rules worked.

Moat trajectory: Widening

The competitor is still winning — more than half of Polish household financial assets sit in cash against an EU average near 31 percent — but the gap is finally being attacked with something other than persuasion. The Personal Investment Account offers up to 100 000 złoty of tax-free investing from mid-year, with a ministry estimate of up to 100 billion złoty within three years. A tax change can move savings that thirty years of argument did not.

The number that tests this moat
Reported
Net inflows into Polish investment funds
51,8bn zł in 2025, from 42,5bn zł in 2024 and outflows of 23,2bn zł in 2022

Money leaving deposits reaches the exchange through funds first; a return to outflows would mean the deposit won again.

Source: GPW 2025 Management Board report, citing IZFiA ↗
References
  1. Third-party estimateMore than half of Polish household financial assets are held in cash and bank deposits, the highest share among the large EU economies, against an EU average of about 31 percent and 12 percent in Sweden.
    Warsaw Stock Exchange, 'Reviewing 2025 and setting the agenda for 2026', WFE Focus interview — the WIG rose 47% and the dollar-based MSCI Poland 68%, making Poland one of the strongest equity markets globally; the number of brokerage accounts rose by 500 000 to 2,5 million; a zero-fee programme and new dividend, defence-sector and bitcoin ETFs contributed to ETF turnover growth of more than 100% year on year; the WSE IPO Academy was launched; more than half of Polish household financial assets are held in cash and bank deposits, the highest share among large EU economies against an EU average of 31% and 12% in Sweden; the Personal Investment Account (OKI), announced by finance minister Andrzej Domanski and modelled on Sweden's ISK, will allow individuals to invest up to 100 000 złoty tax-free and could attract up to 100 billion złoty within three years according to the ministry; 2026 is expected to bring a clear revival of IPOs, possibly including a significant defence-sector listing — FY2025 / 2026 outlook · publ. 2026 · source ↗
  2. ReportedA shallow domestic savings base is why foreign investors are 70 percent of Main Market turnover, why free floats are thin and why the market capitalisation of domestic companies was only 22% of GDP at the end of 2024.
    GPW Management Board report on 2025 - market statistics: EOB turnover against European exchanges, investor shares of turnover, listings and delistings, securities accounts, fund inflows, OKI, GlobalConnect, WATS postponement, POLSTR bonds, IPO Academy — FY2025 · publ. March 2026 · source ↗
  3. ReportedA shallow domestic savings base is why foreign investors are 70 percent of Main Market turnover, why free floats are thin and why the market capitalisation of domestic companies was only 22% of GDP at the end of 2024.
    GPW Management Board report on 2025 - market statistics: EOB turnover against European exchanges, investor shares of turnover, listings and delistings, securities accounts, fund inflows, OKI, GlobalConnect, WATS postponement, POLSTR bonds, IPO Academy — FY2025 · publ. March 2026 · source ↗
  4. ReportedNet inflows into Polish investment funds were 51,8 billion złoty in 2025 and 42,5 billion in 2024, against outflows of 23,2 billion in 2022.
    GPW Management Board report on 2025 - market statistics: EOB turnover against European exchanges, investor shares of turnover, listings and delistings, securities accounts, fund inflows, OKI, GlobalConnect, WATS postponement, POLSTR bonds, IPO Academy — FY2025 · publ. March 2026 · source ↗
  5. ReportedThe Personal Investment Account (OKI) takes effect on 1 January 2027: tax-free up to 100 000 złoty, with a 0,85% tax on assets above it, and the finance ministry estimates 74 billion złoty of new capital by 2040.
    GPW Q2 and H1 2026 financial results presentation - adjusted results, cash flow, liquid assets, WATS budget, listed-company count 2020-2026, OKI and S&P reclassification, AMX — Q2 2026 · publ. September 2026 · source ↗
Sources
Generated September 24, 2026