That's what I was about to say. Arbitrage in labor markets takes a long time to go to the no-arbitrage state. There is friction from Labor Laws, Labor migration rules, other local laws in general (such as data privacy laws, data warehousing laws).
And then there is government interference. The US government for instance, encourages international Phd's and Masters students to find jobs in the US by giving them OPT permits and favoring them for H1B etc.
And then there are managers, who know that if there is no one around to report to them, their job will soon vanish too. So they resist outsourcing of jobs under them by hiring bad people overseas, by showing that the overseas workers can't handle it all (which to some extent is true) etc. All these artificial barriers delay the convergence in labor markets. So ya, you can expect high wages for longer than you think its possible. In the mean time, try to change the rules of the game to stay ahead.