The titles in EU are inherited or bought with inherited money.
My idea of US is based on living and working there (a while ago though) and (for the last 20+ years) watching powerlessly how more and more of the products and services I interact with and use every day are designed there (and often build in China) while the EU is becoming less and less relevant.
There are multiple studies on this, but they all seem to converge on the number of around 80% of current millionaires in the US being first generation/self-made[0]. That is, the ones who didn’t receive an inheritance from their parents or other family members.
It also shows some other interesting stats, such as “only 8% of those in the study attended prestigious private schools, with 62% attending state schools.”
0. https://finance.yahoo.com/news/79-millionaires-self-made-les...