If you were a CEO and your board & investors thought you were worth $50M a year, presumably you would decline that out of selflessness and insist upon a much more reasonable living wage?
But your question is really inane. It's not about the individual choice to accept compensation, it's about a system for corporate advancement that creates such pressure for outsized wages at the top.
There's a real chance that the board has actively refused to allow increase in the lower level people's wages at the company.
It's not just that the guy at the top makes a lot extra, but also that the people at the middle and the bottom don't.
I have met almost no CEOs who were actually skilled AND were happy working for someone else. If you are worth $50m/year to the company, you are worth substantially more if you take that money and started your own company (the reason why most CEOs don't, and all the good ones do is because most CEOs are terrible).