As this map from the Pew Forum on Religion and Public Life indicates, it's not where all the Catholics are from:

The cardinal electors are those cardinals who are under the age of 80 on the day the pope dies or resigns.  Benedict XVI named six new cardinals from outside Europe in November, saying he aimed for the group to present "a variety of faces, because it expresses the face of the universal Church." On the other hand, the marority of the 22 he named last February were European.