I would like to support Steph on his claim about Russia.
Indeed, officially, Europe ends at the Urals. However, in the common conception of an average Western European, Europe is lived on a daily basis as a peninsula, and that peninsula ends at the Black sea.
A good example of that is the general idea that Europe is densely populated. This is only true on the peninsula. Everything between the black sea and the Urals is quite sparsely populated, and that part represents THE HALF of the land area of "official Europe" !
All this to say that when we open a book, we indeed learn that the western steppes of Russia are part of Europe, but in everyday life, we don't think about steppes as the most common landscape in Europe, which it actually is, officially speaking.
The fact is that to many people, being European is somehow a sign of superiority, and thus, when we consider any area to not be European, this is automatically assumed to mean we consider these areas as inferior. The fact this thread evolves into something about wealth tend to confirm this idea. I don't believe that being part of a peninsula or not is a sign of superiority. This is only geography.
Europe is not physically a continent, that's a fact. And saying this doesn't mean that we lower the value of it. It's a region which makes a geographic sense because it forms a common space shared and seen as specific by people in their everyday life. It's a peninsula.
Generally speaking, I consider the whole concept of Europe as a continent to be motived by notions which have nothing to do with geography. For instance, the idea that as Europeans are generally white-skinned, thus every people who is white-skinned is European. This is not true ! There are tons of white people living in the Near East, Middle East and in Iran. Should this mean that they are Europeans ? A black French guy is more European to me than a white Iranian guy, and that doesn't mean I consider the Iranians as inferior. It's just that they don't live on the European peninsula.
To tell the truth, I actually even wonder if the whole concept of Europe as a continent, as determined at the end of the 19th century, isn't somewhere a racist concept.