No, the Church does not have a lot of money.
Frequently, critics of the Church will accuse it of being extraordinarily wealthy (and with that comes the implication of corruption and moral depravity). But the Church is not that wealthy.
In 2011, the Vatican had a $19 million (15 million euros) budget deficit. The Vatican typically faces a budget deficit every year (the year 2010 being a rare exception).
Dioceses all over the world have also been struggling financially. You can read about an example of that here.
The thing about the Church’s money is that it is typically spent in the following fields: general charity (ex: Catholic Relief Services, etc.), salaries (which, I assure you, are comparatively low next to many jobs), parish upkeep, missionary work, education, and social outreach.
First of all, some of those services are run independent of each other (and some are even managed by lay people, so the Church is not always able to exercise direct control and have more flexibility in those situations).
Second of all, those areas need a certain amount of stability, so when possible, budgets are left largely unchanged. The Church can not abandon its mission just because money is tight. We can not stop building irrigation systems in Ethiopia, providing clean water in the Philippines, putting HIV and AIDS programs in place in the developing world, and other charitable works.
The Church certainly does not waste what money it has, either. Catholic organizations are widely cited as some of the most efficient and productive organizations in the world. When it comes to Catholic Relief Services (a charity governed by the United States Conference of Catholic Bishops), for example, 94% of the money they spend goes directly to programs that benefit the poor overseas (unlike many other charities that pay their leaders high salaries and provide many perks to them). You can read more about CRS’s efficiency here.
Despite all of that, the Church’s Institute for Works of Religion (most commonly known as the Vatican Bank) has been subjected to controversy. Conspiracy theorists suggest that the Vatican Bank has strong ties to the mafia, trying to link it to events that occurred in the 1980s. However, there is no proof that the Vatican Bank has or ever had any real ties to the mafia.
Many Protestants think the Church is a sort of all-powerful behemoth, capable of getting anything it pleases, but they do not take into account that the Church’s temporal authority has been greatly curtailed in the last few hundred years. Long ago are the times when the Church was able to demand action by governments and was able to bring about social change when it was needed. Now, the Church is lucky to even get represented at all in most debates.
So, the next time someone tries to suggest that the Church is some sort of corrupt organization intent only on making and hoarding money, please correct them.