Madagascar conjures up images of rich, unique biodiversity, dense forests, and the longest coastline in Africa. And so, it would come as a surprise to learn that Madagascar is one of only 22 out of 146 countries where wealth per capita a measure of sustainability of growth declined between 1995 and 2018, and that this decline was driven by the low productivity of the country’s natural capital base. Reversing the trend is possible. But to do so will require better management of Madagascar’s natural capital.