I would turn it down if it required me to live somewhere I did not want to. For example, no amount of money will persuade me to live in India or Korea. Nothing against those countries, I've been to both and just don't see myself fitting in there.
Another thing I would turn down a massive promotion/raise for would be if it required me to do things I don't want to do. I will not become a skydiving instructor (no reason on earth for me to jump out of a perfectly functional plane), or a nurse (too queasy), or a cigarette advertiser (don't like smoking or wish to promote it).
Everyone has his or her reasons to do or not to do something. Money and title are only two factors of life, not the end all be all. :o)