There are 12 times more investors in Ukraine. The next question is — will their money become long-term?

Over the past four years, the number of Ukrainians investing in securities has increased almost 12-fold and exceeded 271,000. Personal investment accounts are expected to turn this momentum into long-term capital for the economy.

As of August 1, 2026, Ukraine has 271,300 unique investors. Since the beginning of 2022, their number has increased almost 12-fold. Since the beginning of this year alone, the market has gained another 43,300 new participants — more than 6,000 each month. The vast majority of them are individuals. These figures are reported by the Settlement Center for Servicing Contracts in Financial Markets.

To put the scale into perspective: this is the population of a medium-sized regional center. And these are people who entered the capital market not under ideal conditions, but during a full-scale war — despite blackouts, relocations, and economic uncertainty. They decided not simply to preserve their money, but to make it work.

What This Figure Actually Means

For the National Securities and Stock Market Commission (NSSMC), the dynamics of recent years resolve one fundamental question. For a long time, the discussion about retail investment in Ukraine began with doubt: are Ukrainians actually ready to invest in securities? The answer has already been received — they are. More than a quarter of a million people answered this not through a survey, but with their own money.

Therefore, the question has shifted. It now sounds different: do these people have the tools to invest not for a month, but for years?

This is where the main dividing line lies. The capital market needs not just money — it needs “long-term” money. Short-term capital supports liquidity and circulation. Long-term capital finances development: production, infrastructure, reconstruction, and new jobs. Without it, the market remains more of a platform for transactions than a source of financing for the economy.

Personal Investment Accounts: How They Work

The instrument that is intended to address this task is personal investment accounts (PIAs). The relevant draft laws No. 15314 and No. 15314-1 have already been registered with the Verkhovna Rada of Ukraine.

A PIA is a special analytical account on which an investor’s funds and transactions are recorded. Through it, Ukrainians will be able to invest money in shares, corporate bonds, local government bonds, and government securities, including domestic government bonds. One account — and clear access to the main market instruments.

The key difference of PIAs lies in their tax treatment. The draft laws provide that if the funds remain in the account for at least three years, investment income is exempt from taxation under the conditions stipulated by law. If the investor withdraws the funds earlier, the general taxation rules apply.

“Three years does not mean freezing the funds. It is a horizon for which the state is willing to pay by giving up tax revenue.”

Importantly, during these three years, the investor does not lose the freedom to act. The account can be topped up, securities can be bought and sold, the portfolio can be rebalanced, and the investor can respond to market conditions. There is only one condition — the money remains invested rather than being withdrawn.

Who Gets What

● Citizens — a clear and legal way to build personal capital, rather than simply preserve savings from losing value.
● Business — an additional source of financing within the country, independent of external borrowing and bank lending.
● The capital market — the emergence of long-term money that creates depth, stability, and predictability in trading.
● The state — stronger domestic financial resilience: the greater the share of the economy financed by domestic resources, the lower the dependence on external support.

From Momentum to Culture

The NSSMC views the introduction of PIAs as part of a broader task — building an investment culture in Ukraine. It is not about a one-time surge of interest, but about developing a habit: regularly setting aside part of one’s income, understanding risk, and thinking in terms of years rather than weeks.

Culture does not emerge by decree and cannot simply be written into law. But legislation can remove the barriers that prevent it from developing and create an incentive to make the right choice. This is exactly what PIAs are intended to do.

271,000 investors is no longer a statistical error. It is established demand waiting for the appropriate infrastructure. The next step is up to the Verkhovna Rada.

“The future is not borrowed — it is financed.”

Source of statistical data: Settlement Center for Servicing Contracts in Financial Markets, data as of August 1, 2026.