Where is the growth?

You can stare at this chart for a long time.  It says a great deal about culture, law, economic dynamism, risk tolerance, etc.  Quite astonishing.

The caveat is of course in that weaselly restriction - companies less than fifty years old.  Things aren't quite as bad as the chart makes it seem.  Europe has many large, successful companies which have been around for more than half a century.  

But they certainly are not growing new large companies to replace or supplement the old ones.

Click to enlarge.