You already have been for decades at this point. The high salaries seen in some places is not due exclusively to locality but the quality of the employee.
What I'm seeing is people from low cost locations which traditionally migrated as soon as they could to get western salaries are not getting those western salaries without having to leave. I would say if you were at the highest compensation level you may see a decrease but it will remain that the best command large salaries as now. The difference will probably be that some who were the best and underpaid will have an easier time getting reasonable compensation and some people who were taking advantage of locality factors will now approach a more reasonable salary for their actual contribution.