US has competition between FAANGs driving salaries upward. Europe with the exception of, maybe, London - mostly doesn't. It would be interesting to see how shift to remote plays out here.

Fun historical fact: Apple, Google, Intel and others didn't like salaries growing so entered into illegal anti-poaching agreement. [0]

[0] https://en.wikipedia.org/wiki/High-Tech_Employee_Antitrust_L...