Five community wildlife conservation and utilisation initiatives, or conservancies, established on communal lands in Namibia were analysed using cost-benefit analysis, to determine economic and financial values. The conservancies were found to be economically efficient and able to contribute positively to national income and the development process. They also provide a channel for the capture of donor grants (wildlife non-use values) as income, and generate very attractive financial returns for communities. Community income is derived from wildlife use, but it is considerably enhanced by international donor grants. Tourism (mostly non-consumptive, with some safari hunting) is the primary income generator, mostly involving joint ventures between communities and the private sector.