It can if you count all the different forms of each word and proper nouns. But this way Polish may have even more words, given multitude of different forms. I've never checked that, though.

There's also the tendency in English to make new words out of existing ones to create new meanings, while in Polish we often use multiple separate existing words to create new meanings.

It has words of both Germanic and Latin origin, that's why it has so many. The fancy words are usually the Latin ones.