The most striking trend in international student mobility over the past forty years is the increase in the number of globally circulating students, from approximately 250,000 in 1965, up to an estimated 3.7 million at present (OECD 2011: 320, UNESCO 2006: 34). Perhaps as important as the growing numbers of students is the fact that the traditional destination countries for international students--the USA, the UK, Germany, France, and Australia--face increasing competition from countries like the Russian Federation, China, Singapore, and Malaysia. Countries that send large numbers of students abroad are increasingly also becoming recipients of international students, while the growth of education "hubs" in recent years in the Middle East, Asia, and elsewhere is also providing new destination options for mobile students. Overall, the USA and Europe, and English-speaking destinations in general, remain the dominant actors in international student mobility, notwithstanding the increasing competition from the rest of the world. This paper discusses the trends in international student mobility in the USA and Europe and the challenges they face at present and in the near future. (Contains 3 tables.)