From my experience, most of engineers in Europe who want to make money work are contracting. Contracting money can be similar to what the FAANGs offer here (outside of Switzerland), but taxes are often lower and you don't have to debase yourself with multistage leetcode interviews and intracompany promotion games.

However, the US companies may start to up their game here salary-wise - I was recently contacted by a recruiter of a Tier 2 US tech company who said that the TC for a tech lead position in their branch in Poland is around 220k EUR. I hope this is a part of a larger trend.