Prestige projects are an ancient endeavor, though. The Norse, for example, were not exactly awash in riches during the height of their exploratory voyages, but a few desperate men or leaders with little else to their name (or boundless ambition) can make a massive difference.

In any case, Europe's economic success is largely concentrated post-Columbus; at the time of Columbus, Europe was not particularly wealthy compared to the competing states. There are European advantages which contributed to the decision, but I don't think wealth or industry is a compelling factor.