I've had this lingering regret of not moving to Europe when I was young and nobody depended on me, but I am also sure that I would have had to endure racism and xenophobia there (although I do have a European passport).
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Depends where in Europe - not just country but area.
I moved back to the UK seven years ago and have lived in several places since and I have had one incident of overt racism - a dodgy door to door salesman I turned away called me a "Paki". I rarely even feel that there is any underlying feeling of racism.
A lot will depend on who you are and where you live - there are more racists in generally bad areas.
Its not as simple as big cities are better either. I live in an edge of town area with a village feel and a predominantly ethnically English population and its very friendly.