The phrase 'made of money' is used metaphorically to suggest someone is very rich, not that they are literally composed of cash. He dresses so fancy, you'd think he was made of money!
Pro Tip 2/3
Humorous Tone
The expression is often used humorously to emphasize the unrealistic expectation of one's wealth. A private island for my birthday? Sure, because I'm made of money!
Pro Tip 3/3
Sarcasm
It can be used sarcastically to suggest that someone is not as wealthy as another person assumes. Oh yes, I'll buy everyone lunch, because I'm clearly made of money.