False
That's completely false (do you ever travel?)
Europe is an entire continent of over 40 countries, from wealthy Luxembourg to poor Moldova.
The standard of living in the 27 European Union member-countries is comparable to the US. In the UN's HDI rankings, almost all EU countries consistently rank in the "very high HDI" category, along with the United States. The US's ranking fluctuates year to year, but it also consistently remains within that top category.