Raising funds outside of the US -- NOT

I live in Israel and my experience over the past year is that the angel and venture markets are almost dead in the water. No Israeli VC raised money in 2010. Of course, both angels and VC's will talk to you about your idea, but when push comes to shove, there is no investment money available.

On the other hand, Ycombinator, techstars and others in the US are creating 20-60 companies each year, raising between $0.5M and $1.5M per company. So what gives?

My theory is that the relatively recent wealth generation from google, twitter, facebook, ebay, etc. are all located in the US and that it is these young newly-millionaire engineers who are driving Internet investments. There is just no comparable group of wealthy investors outside of the US.

Does this problem exist in other countries? Is there some other variable contributing to the success of US startups?