Community-based natural resource management is an important strategy to conserve and sustainably use biodiversity and wildlife in Namibia. The authors examine the extent to which conservancies have been successful in meeting their primary goal of improving the lives of rural households. They evaluate the benefits of community conservancies in Namibia by asking three questions: Do conservancies increase household welfare? Are conservancies pro-poor? And, do participants in conservancies gain more relative to those who choose not to participate? The authors base their analyses on a 2002 survey covering seven conservancies and 1,192 households. The results suggest that community conservancies have a positive impact on household welfare. This impact is poverty-neutral in some regions and pro-poor in others. Further, welfare benefits from conservancies appear to be somewhat evenly distributed between participant and nonparticipant households.