Europe’s entrepreneurs can take a lot of pride in the fact that the region’s startup ecosystem has more momentum than it did just a few years ago. But at the Code Conference this week, Kleiner Perkins partner Mary Meeker presented her annual internet report, which included a sharp reminder of just how far behind the region is when it comes to creating global tech giants.

About two-thirds of the way through her presentation, Meeker flashed the slide above listing the 20 most valuable internet companies around the globe. Of those, 11 are based in the U.S. and 9 are based in China. None are in Europe.

Above: Kleiner Perkins partner Mary Meeker at the Code Conference.

Image Credit: Dylan Tweney/VentureBeat

While Apple and Microsoft are a bit longer in the tooth, the others are mostly companies created within the last two decades. Worse, from a European perspective, is that China seems to be the country with the real momentum.

Meeker also highlighted Europe’s growing regulatory pushback against the privacy practices of tech giants. She noted that tech companies needed to be more sensitive to the unintended consequences of their products. But she offered the same warning to regulators, noting that “it’s irresponsible to stop innovation and progress.”