As a non-american (from South America) who lived in both USA an Europe:

Yes, in USA you get much more money, like you said 2x~5x, but then:

University is expensive as fck.
Health care is expensive as fck.
You have 5 days of paid sick leave per year in most companies.
You have 10 days of paid holidays per year in most companies.

In contrast, in Europe:
University was cheap or free.
Healthcare is cheap and universal.
If you are sick you are sick, either the company or the health insurance pay.
You have between 20 and 30 days of paid holidays.

This is why quality of life in Europe, is so superior. And again, I am saying this as a non-European.