Honestly, not really. Colonialism made Western Europe wealthier for the time period, but it was investment in science and technology that gave the West the industrial and technological advantage that sets them aside from the rest of the world (other than China) today. There are very few non-Western non-China countries where appreciable heavy industry takes place that isn't resource extraction-parallel like oil refinement. There are also very few non-Western non-China countries with the industrial capital and technological knowhow to, for example, make smartphones.

You'll notice that I keep including China as an exception here, which is because China noticed the importance of these things and went ahead to develop/steal these, and it's because it was able to obtain these things that China is the global giant that it is today.