As someone from Europe, I’ve never experienced US salaries. Go figure.
Such things definitely exist, but they are far less common than is often implied here on HN and elsewhere. I think this is largely because people who don't work long hours are much less likely to wax poetic about it, just because, well, it's not at all unusual or interesting.
In the end someone who was working at Google in the Bay Area for 15-20 years can retire if they didn't have life style creep (which is different than cost of living). Not the case in Europe.
This has nothing to do with Europe. This is particular a tech thing
Basically, almost all places, particularly in the UK, have worse salary to cost of living ratios.