Warsaw has taken the top spot in the Polish Economy Diamonds 2025 ranking, with a substantial lead over the country's other major cities.
The capital was ranked first by the European Business Institute, with 5,753 companies based in Warsaw estimated to have a market value of more than PLN 10 million in December 2025. Kraków came second with 1,533 qualifying companies, followed by Wrocław with 1,267.
The results place Warsaw firmly at the centre of Poland's business landscape, while also showing the considerable scale of economic activity concentrated in the country's largest urban centres.
Warsaw takes the top position
The ranking, prepared by the Instytut Europejskiego Biznesu (European Business Institute), covers 1,026 cities across Poland.
A total of 323 cities received the title Brylant Polskiej Gospodarki 2025, or Polish Economy Diamond 2025. To qualify, a city had to have at least 10 companies whose estimated market value exceeded PLN 10 million as of December 2025.
Warsaw's 5,753 qualifying businesses put it well ahead of the rest of the field.
Ranking of the cities based on companies valued above PLN 10m:
Warsaw - 5,753
Kraków - 1,533
Wrocław - 1,267
Poznań - 1,110
Gdańsk - 793
The figures are based on publicly available financial information from Poland's Krajowy Rejestr Sądowy (National Court Register). The Institute says it has analysed the financial results of hundreds of thousands of Polish companies over more than two decades.
A large lead for the capital
The scale of Warsaw's result is particularly notable when compared with the other cities at the top of the table.
The capital has almost four times as many qualifying companies as Wrocław and more than three times as many as Kraków. It also has more than five times the number recorded for Gdańsk.
This reflects the concentration of corporate activity in Warsaw, which is home to businesses operating across a wide range of sectors and remains one of Poland's principal locations for investment, finance, professional services and headquarters.
How the Polish Economy Diamonds ranking works
The European Business Institute's ranking is based on its own estimates of company market values. The Institute says these are calculated using publicly available financial information from the National Court Register, with valuation methods analogous to those used for companies listed on the Warsaw Stock Exchange.
The calculations use the price-to-earnings (P/E) and price-to-book (P/BV) ratios.
It is worth noting that this is not a ranking of city GDP, employment or total economic output. Instead, it counts companies meeting the Institute's market-value threshold.
That distinction is important when interpreting the figures. The ranking provides an indication of the concentration of companies with substantial estimated market values, rather than a complete picture of Warsaw's economy.
What the result means for Warsaw
For residents, entrepreneurs and international businesses looking at the capital, the ranking provides another snapshot of the scale of Warsaw's commercial ecosystem.
The city combines Poland's largest concentration of businesses meeting the Institute's threshold with a broad international presence, extensive professional services and a sizeable labour market.
For the city's international community, the result also reinforces Warsaw's role as a major base for companies operating in Poland and across Central Europe.
The ranking is therefore relevant beyond the individual companies included in the calculation. A dense business environment can influence the wider city through demand for office space, housing, transport, hospitality, professional services and the many smaller businesses that support corporate activity.
Warsaw among Poland's leading business cities
The top five also show that economic activity is concentrated in several major urban centres rather than being limited to the capital.
Kraków, Wrocław, Poznań and Gdańsk all recorded more than 790 qualifying companies. Together with Warsaw, they form a clear group at the top of the national ranking.
The full ranking is available from the European Business Institute's publishing platform, Europejska Firma.
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Source: Europejska Firma
Image credit: rafal_gnasiuk, Wikimedia Commons, CC BY-SA 4.0