The economic impact of tertiary education is important for regional development, and whilst participation rates have increased, it is unclear whether this has benefited regions equally. The paper analyses a panel of European regions to determine how the geography of tertiary education has evolved between 2002 and 2012. The results show a mixed picture. Overall, the system is characterized by path dependency, with the past being the best predictor of the future. There are some signs that the most lagging regions in 2002 are catching up, with some benefiting from recently opened institutions. Meanwhile, the very top-performing regions are breaking away from the rest, showing above-average growth, especially in the case capital regions. This work contributes to the ongoing research on the role of higher education in fostering regional economic development, and the emerging inequalities across European regions.