Do Sweet 16's exist in countries other than the US?

So I went to a Sweet 16 last night and I was a little sickened by it. I dont understand where this tradition arises from, the idea that a young girl reaching the age of 16, a time where they can hardly appreciate the time and money being spent for their party, should be celebrated. There’s nothing special about turning 16, and it’s immediately followed by 18, graduation, 21 and college graduation, each one bigger than the last. So why a Sweet 16? It strikes me as the pinnacle of American capitalist consumerist greedy decadence. Parents spending $100s ($1,000s) so their daughter can get $100s ($1,000s) in gifts. It seems so…wrong. Agree? Disagree? And do these occur in other countries? For the sake of the world, I hope they don’t.