Wildlife tourism and wildlife trade may appear juxtaposed, but are two, potentially aligning, income generators that could benefit conservation in developing countries. Utilising data sets collated from Madagascar’s Ministère du Tourisme and CITES, respectively, for the period 2007 to 2018, this study estimated levels of income from wildlife tourism and wildlife trade for Madagascar. Between 2007 and 2018, tourism reported yearly incomes ranging from a low of USD 1.4 million up to a high of USD 15.7 million. However, it was unclear what percentage of this figure flowed to benefit local communities. Alternatively, using reported networks for the live wildlife trade, the estimated economic value reaching collectors and/or intermediaries in Madagascar was USD 72,299.80 for the period 2007 to 2018. Both revenue generators operated within different geographical areas, with tourism opportunities presenting themselves to communities adjacent to national parks, while wildlife trade networks were not restricted to protected areas and operated sporadically across Madagascar. Hence, the economic benefits reached different Malagasy participants across the country. The management of both activities needs great care to ensure that environmental impacts and sustainability are core measures on any such activities. Whilst this study shines a light on economic values and novel perspectives regarding these two trade types, it also highlights knowledge gaps, thus indicating where much greater research attentions are required to allow a better understanding of the specific benefits and risks from engaging with both trade types for local Malagasy people and their environments.