Mumbai.. the new HK ?

Its been 12 years since I have been coming to Asia for business. The region seems to be changing a lot over the last 12 years. In Hong Kong the change started around the handover of the region to China by UK. The country is now very Chinese-ised (if I may use the word). The only expatriate foreigners in the city seem to be from the financial industry. The amount of non-chinese that you see on the streets is also decreasing. Its becoming a very local town.
Singapore too seems to be peaking out in terms of prosperity. Could it be cultural reasons ? The compulsory military training seems to take 2-3 fruitful and productive years out of the Singaporean male's life. The women seem to move head in academics and life in general.. leading them to marry out of the local community.. The strong antiseptic atmosphere created by the government seem to cause an outflow of talent.
I think cities like Mumbai, Shanghai and Dubai seem to be slowly emerging as financial cities and seem to be slowly replacing HK and Singapore . If these cities manage to get their infrastructure in place, I would see them replacing HK and Singapore as financial hubs of Asia.