I’ve very rarely come across newly rich in Europe though. The rich in Europe come from rich families. It’s incredibly hard to be an new entrepreneur in Europe. It’s hard to get credit to start a business compared to the US. There are more rules and regulations that adds a barrier of entry for new businesses, and a heavier tax burden.
What @Whatevah saying has a major factor. For example here I need to give 28 days of paid vacation. This is extremely burdensome for new businesses like mine as I have to have more staff than needed to cover for so many of those days they take off. There are so many weird things like in France it’s illegal for your employer to text you after work. It’s almost impossible to fire someone in Italy after a certain amount of time.
Europeans have set up such a safety net for themselves it’s hard for new industry to thrive. Established ones have no issues and love these taxes and regulations as they prevent competition.
And I feel uneasy about finding success as a immigrant here. It’s not well liked. Europeans seem have this idea that if you have money, you did something wrong to get it. Where as in the US and Asia making money is celebrated. I have to hide my success here a lot, especially as a immigrant. The immigrant success story is not celebrated in Europe like the US.
Wealthy people in Europe often tend to understate or hide their wealth. Here in Taiwan, they might buy a Rolls Royce or Ferrari to show everyone that they are rich which makes it much easier to spot rich people.
Because they are not liked. Drive a Ferrari in Italy and you will guarantee to have the tax police come knocking. They know it’s too hard to buy a Ferrari if you pay your taxes
This is one of the sad reasons you don’t see many exotic Italian cars in Italy besides tourists renting them.
The reality is no game changing companies are coming out of Europe. They come from the US and Asia in the last few decades. There is a reason for that.
What’s going to make me rich is not selling in Europe but opening up to the US. That nasty 20+% VAT is all avoided when I ship to the US.