Migration has become a defining feature of Europe’s socio-economic landscape. This study aims to explore some of the multifaceted economic contributions of non-EU diasporas to European societies. The focus was put on how diaspora communities influence labor markets, entrepreneurship and economic growth. Case studies closely examining the Turkish diaspora in Germany and the Ukrainian diaspora in Poland were conducted, applying in-depth interviews and panel analysis as research methods. The main findings of the study indicate a positive relationship between the size of diasporic communities and economic performance in European societies. Close examination of the two of the largest EU-residing diasporas further demonstrate that these communities have developed distinct economic ecosystems, marked by entrepreneurship, labor participation, and transnational financial flows. Overall, the findings based on the two specific diasporas support the view that diasporas are active economic agents, not passive recipients of host country policy.