Only 6 of the 50 largest companies are in Europe. LVMH is highest at #18
Economist ran an article on this: <a href="https:&#x2F;&#x2F;www.economist.com&#x2F;briefing&#x2F;2021&#x2F;06&#x2F;05&#x2F;once-a-corporate-heavyweight-europe-is-now-an-also-ran-can-it-recover-its-footing" rel="nofollow">https:&#x2F;&#x2F;www.economist.com&#x2F;briefing&#x2F;2021&#x2F;06&#x2F;05&#x2F;once-a-corpora...</a><p>We&#x27;re in the service economy now, and Europe has no real single market for services, due to all kinds of national regulations that differ throughout the block. Nor does it have well-developed financial and labor markets, partly also because they are currently partitioned by nationality. Its stock exchanges are too many and too small, etc. The list goes on.<p>For many big European companies, an astounding percentage of revenue comes from the US or China. But if you start a startup building for US&#x2F;China from the start, why would you want the HQ to be somewhere in Europe?<p>Edit: This also means that the story is very very different for products that can be shipped in boxes. Europe does extremely well in cars, beverages, clothing, chemicals and that sort of thing. Also electrical utilities. No idea why, tbh.