my take as a Latino who is an entrepreneur and moved to Germany when young, who also happened to be a sociologist:

Europe favours upward mobility up to upper-middle class. The US favours the mobility to the economic upper class, although more from the upper-middle class than from the bottom but still more than Europe.

Born half Venezuelan/German. Moved to Germany early enough to assimilate a new culture, late enough to remain Venezuelan. Purpose entrepreneur.

My guess is, yet again, that if you looked at the father’s socio-economic status of those who made it all the way to the top from the economic bottom, you would find that their fathers had high (in)formal cultural capital (especially true for migrants from liberal societies turned into autocratic societies).

To sum up: If your father has cultural capital, you will be better off irrespective from where you are. Europe gives you better opportunities to rise in relative terms. The US will grant you more opportunities to rise in absolute terms.

A look at the the father’s socio-economic status of almost all successful tech-entrepreneurs in the last decade confirms that movement to the very top is still easier from the upper-middle class than from the bottom. However, tech-entrepreneurship gives opportunity to those at the bottom.