I'm just going to go out and say it: Europe is poor. At least compared to the US. You can see this plainly when comparing GDP per capita but it's particularly telling when you look at the revenue of tech giants, such as Alphabet and Meta. For example, Alphabet made roughly 50% of its revenue from the US and about 30% from EMEA in 2025.
Now compound that issue with conservative investors, a fractured "single" market and a strong preference for social equality over entrepreneurship.