The financial collapse at the end of the Ming Dynasty, lack of funds for war, insufficient grain supplies, heavy taxes—these issues raised a question: where did all the money go?

Back then, Emperor Chongzhen was willing to set aside his dignity to collect grain and supplies, pleading desperately with officials in the court. In the end, only 20 million taels of silver were raised nationwide.
Li Zicheng’s army looted 70 million taels of silver in just 40 days, solely in Beijing. The amount of silver looted by Li Zicheng’s army was more than three times the total silver collected nationwide by Emperor Chongzhen over the past decade.
Ultimately, the silver ended up in the vaults of wealthy officials and landowners, neither circulating nor solving the urgent needs of the country. The lack of currency circulation from top to bottom led to the country's downfall. The nation had neither the funds to resist foreign invasions nor the money to pacify or suppress the grievances of the lower classes.
To understand why there was no money from top to bottom, and only officials and wealthy landowners had money, one must understand the Ming Dynasty’s system. The most important point was that gentry did not pay taxes; as long as they were relatives of the emperor or had passed imperial exams such as jinshi or juren, they were exempt from taxes. As a result, many farmers would register their land under local gentry, paying less tax than the imperial court required. This led to decreasing tax revenue at the central level, and the wealth accumulated by imperial relatives and gentry over hundreds of years gradually absorbed most of the tax base.
In addition, vital sectors such as salt, iron, textiles, and grain were monopolized by officials and gentry at all levels. They also gradually siphoned off wealth from the common people through trade.
As a result, large amounts of silver accumulated among the upper and middle classes, while the central government was cut off from funds, and the common people were drained dry, exacerbating social conflicts.
After several rounds of looting of officials, wealthy merchants, and gentry following the chaos caused by Li Zicheng’s rebellion and the Qing army’s invasion, the silver in vaults began to flow out, and the currency supply was maintained at a relatively normal level.