Millionaire Manta Rays: New Study Reveals a Single Living Manta Ray in the Maldives is Worth $2.6 Million

Hi ocean lovers and welcome to Ocean Simplified, where we dive into ocean science, no wetsuit required. I’m beyond excited to be covering this paper because it was published about three weeks ago on June 1, 2026 and it is the first national valuation of manta ray tourism in the Maldives. This incredible research by a team of scientists yields an estimated value of each living reef manta ray (Mobula alfredi) to be $2.6 million. Questions about quantifying the value of a life constantly surface across multiple fields and I commend these researchers for being bold enough to not only take on this challenge, but also design a strong research plan followed by a great execution. Let’s dive into the economics behind swimming with fish. 

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At a Glance: 

This paper is the first of its kind to provide a national valuation of manta ray tourism in the Maldives. Scientists used several equations to provide the most accurate calculation of revenue while maintaining a conservative approach, suggesting that manta tourism likely commands values far exceeding reported figures. The ultimate results of the study value manta ray tourism in the Maldives to be worth $311,364,630.00. Furthermore, scientists valued a living reef manta ray at around $2,571,674.00 and the value of a living oceanic manta ray at $91,200.00. 

intrinsic value is the worth of something independent of its market value.

Scientists also looked at the intrinsic value of manta rays, which is important because people generally orient toward the instrumental value of wildlife, but I believe new generations are beginning to recognize intrinsic value. This shift from instrumental value to intrinsic value is key for protecting more animals, where recognizing intrinsic value may drive protections that contradict market analysis. In other words, in cases where protecting manta rays would not be the most economically practical, recognizing intrinsic value would lead to their protection. In this study, scientists found a strong intrinsic value for manta rays which they assessed using word count analysis and survey responses. 

Figure 4: The lifetime value of reef manta rays is 2.6 million USD and the lifetime value of oceanic manta rays is 91,200 USD.

Background and the Value of Tourism 

1,192 islands (only 365 are inhabited) make up the Maldives, which spans hundreds of miles with white sandy beaches peering out of the sparkling Indian Ocean. 

Check out this video I made to experience the Maldives in its glory. 

https://www.youtube.com/watch?v=H96yrxBHmPk

Tourism is one of the largest gears in the Maldivian economy. It employs thousands of nationals and formed over 25% of the GDP in 2021, even the year after COVID. Many tourists visit the Maldives to witness the exceptional marine life including pristine coral reefs, whale sharks, and manta rays. Visitor numbers doubled between 2008-2022 with over half of the visitors citing underwater beauty as their primary reason for visiting. Pretty cool to think that I was part of this data when I visited in 2018, 2021, and 2022. 

GDP stands for Gross Domestic Product which is the total monetary value of all finished goods and services produced within a country's borders during a specific period

The Maldives has recognized tourism as a significant backbone of its economy. In doing so, the nation established a shark and ray sanctuary in 2010, outlawing catch and trade for all species of sharks and rays. The nation ended a century-long shark fishery in favor of tourism, allowing sharks to recover. Manta rays received concrete protection, even though they have never been directly fished historically. 

A screenshot of the Maldives from the Global Fishing Watch, a public database that tracks fishing vessels around the world. As you can see, the Maldives has almost zero green spots, meaning zero fishing vessels, thanks to the establishment of a shark and ray sanctuary. Click the image to visit the website.

Manta Rays in the Maldives 

Manta rays have never been fished in the Maldives making them a pristine population at over 3,500 known individuals. They roam the entire island chain with several key aggregation sites including those in South Ari Atoll and Baa Atoll. The largest manta ray aggregation site in the Maldives is Hanifaru Bay which traps plankton during the SW monsoon season essentially creating a buffet for manta rays. These rays attract more tourists than other marine species, with tourists willing to pay more for manta ray encounters than encounters with sea turtles and reef sharks. 

In 2013, the global manta ray watching tourism industry was valued at $140 million per year. By the year 2021, even after Covid, the Maldivian manta ray watching population was valued at over $300 million. Let that sink in. 

The Methods: 

The study was conducted using several methods and a series of equations to quantify the revenue generated by Maldivian manta ray tourism and the life of the rays themselves. The study only evaluated manta ray tourism in the form of snorkeling and diving, not viewing from the boat above water. To gather data, scientists first sent a survey out to every registered tour operator. Only 20% of tour operators submitted a response. To fill in the gaps, scientists internet mined every tour operator’s website. Key data included whether or not operators offered manta ray focused scuba diving and snorkeling, and what the cost of each was. 

If values could not be sourced using internet mining and the company did not complete the survey, the mean value was calculated by grouping tour operators based on their assigned activity (snorkel vs dive) and their tour operator type (5 star resort, resort, local activity centre, liveaboard) from both survey and mined data. This data was used to fill in the following equations: 

1. Calculating direct economic benefit from manta ray watching tourism 

Direct economic benefit from manta ray watching tourism = tour operator revenue from manta ray specific snorkeling + tour operator revenue from manta ray specific diving + tour operator revenue from manta ray specific liveaboard diving + the revenue from tourist related expenses (accommodation, food, beverages) + the revenue for the government (tax) + staff service charge + staff salary revenue for those who work directly with manta ray tourism + Hanifaru MPA revenue 

An MPA is a marine protected area.

2. Calculating tour operator revenue 

a. Tour operator revenue = (activity price x number of guests per trip x number of trips per week x number of weeks during which activities were conducted) - Hanifaru MPA revenue 

b. Tour operator revenue from manta ray specific liveaboard diving = activity price x number of opportunities to snorkel and dive with manta rays x number of guests per trip x number of trips per year in 2021* 

*Liveaboard tourism expenses cover diving and food together, so the scientists used half of the trip price as the basic diving price. 

3. Calculating manta ray tourism employment revenue 

Manta ray tourism employment revenue measured using the combined value of staff salaries 

Staff salaries = (weekly foreign staff wage x number of weeks they do manta tours) + (weekly maldivian staff wage x number of weeks they do manta tours)

Weekly foreign wage is $164.3 for Maldivians and $201.2 for foreigners according to Zimmerhackel et al.

4. Calculating revenue generated from the management of Baa Atoll Biosphere Reserve 

Revenue generated from the management of the Baa Atoll Biosphere Reserve (Hanifaru MPA) = entry fees for residents + entry fees for visitors + videography permits + tour guide license fees + professional partnerships fees 

5. Calculating revenue generated from tourists at Hanifaru Bay 

Revenue generated from tourist visitors at Hanifau MPA = mean activity price of a snorkel in Baa x (number of tourist visitor entry fees x entry fee price)*

*This excluded residents who did not have an entry fee 

6. Calculating the lifetime value of a manta ray 

Lifetime value of a manta ray 

3. (Atoll specific tour operator revenue + tourist expenses)/(estimated population size x estimated lifespan*) 

*Scientists estimated the lifespan of manta rays to be 40 years. We in fact do not know how long manta rays live in the wild naturally. 40 years is a generous estimate based on prior scientific literature, their ecosystem function, and size.  

To measure intrinsic value, scientists used a word count analysis. Specifically, scientists measured how manta rays were described in answers to their survey questions. They also asked tour operators to rank the importance of manta rays to their business and the local community. I’d never heard of this method nor did I know if this was a credible method of measuring intrinsic value. Based on the methods section, I needed to conduct more outside research to decide whether a word count analysis was a valid way to measure intrinsic value. From my basic research, using word count analysis is valid for recognizing intrinsic value but not necessarily quantifying the intrinsic value. Because scientists here are only claiming to recognize intrinsic value, I find this method acceptable. 

A few important details/caveats in the methods: 

1. The study quantified a two tank dive trip as 2 different trips because there were 2 dives. 

2. Viewing manta rays from a boat was not quantified. 

3. The Maldives is officially grouped into 21 administrative regions but this study grouped them into 20, joining Male City and Kaafu to create similarly sized areas. 

4. Liveaboards sometimes offer diving and snorkeling trips but all liveaboards were classified as dive only operations because most guests are divers. 

5. All 538 tour operators registered were contacted with the survey and only 20% responded so most of the data was obtained from internet mining. 

6. Even tour operators that did respond to the survey were also data mined for accuracy and if they reported an activity price greater than 20% different than what they posted online, scientists disregarded the surgery and used the value online

7. this study did not use any sort of discounting - this was done to be consistent across marine science 

8. This study did not account for domestic transport by land or seaplane by tourists. 

9. This study did not account for the purchases of souvenirs by tourists. 

10. This study did not account for international travel to and from the Maldives by tourists. 

11. This study did not account for the ripple effect that tourism businesses have on the local economy (economic multipliers) which happens when businesses make purchases or staff spend their salaries. 

12. This study used data from 2021, the year after COVID, when tourist arrival was 29% below pre-pandemic 2019 levels. The year 2024 saw a 55% increase in tourist arrival from the year 2021, meaning Maldivian manta tourism is likely valued much higher than this paper suggests. 

Even with these caveats, I believe scientists truly designed brilliant methods for this study. Despite sending surveys,the team spent numerous hours gleaning the internet for data. The values used for each calculation strongly represent the revenue generated. Tourism/revenue values are extremely difficult to quantify on the national scale, and having even a conservative number valuing Maldivian manta ray tourism at over $300 million the year after covid should speak loudly to the Maldivian government that manta rays are worth significantly more alive than dead. This study commands permanent protection of manta rays in the Maldives, from both target fisheries and bycatch, now and in the future. 

A reef manta ray in the Maldives.

The Results: 

To avoid redundancy, I’ll keep the results brief. The scientists valued manta ray tourism in the Maldives at $311,364,630.00 based on 2021 data. Given that this was the year after covid, when many countries remained closed to travel, manta ray tourism is probably worth even more now. Furthermore, scientists found that the value of one reef manta ray over its lifetime is around $2.6 million for reef manta rays and $91.2 thousand for oceanic manta rays. Scientists note that the stark difference in values between the two species is because of the frequency of sightings. Reef manta rays swim abundantly throughout the atolls, while oceanic manta rays are seen occasionally, with consistent sightings only at Fuvahmulah Atoll. More frequent sightings increase the value of a manta’s life

Table 3: A data table showing the results of each equation from the methods and then the total calculation of the economic value of manta ray tourism.

Table 4: Quantification of direct economic benefit of manta ray tourism in the Maldives compared to other industries. You can see in 2021, manta ray tourism represented 2.6% of the GDP and the fishing industry represented 3.5%. Manta tourism alone almost surpasses the fishing industry in economic benefit, and I do not doubt that tourism as a whole surpasses the fishing industry.

Figure 3: Showing different data sets grouped by type of tour operator. Notably, live aboard diving generates the most tour operator revenue for manta ray tourism (graph e).

The "blue economy" is a sustainable approach to economic growth that focuses on the preservation and responsible use of ocean and coastal resources.

This study not only tackled manta ray blue economy, but also tackled manta ray values to the community. Intrinsic value is not often studied nor paid attention to. All tour operators also ranked manta rays in the top 5 sea animals guests wanted to see, with 28% reporting manta rays as the top priority for guests. Responses to open-ended questions often included words such as “people” “divers” “bucket list.” Thriving manta rays remain important to the local community, local businesses, and the country’s economic viability.

The importance of manta ray tourism to operators based on responses to the surveys. 98% (or maybe even more) reported manta rays are important to the local community (column 2). Around the same number reported manta rays are important to their business (column 1).

The Significance: 

This study comes at a critical time in Maldivian history. The Maldivian government has recently shifted. A new president has threatened to revoke the shark and ray sanctuary and opening the country up to commercial longline fishing. Allowing commercial fishing in these waters, of any kind, would have decimating effects on the entire ecosystem, and will certainly negatively impact tourism. I have always highly respected the Maldives for how seriously they protect marine life. Myself, as well as many others in the Maldives and global scientific community, were absolutely devastated to see the government even consider commercial genocide. 

After a massive pushback from the Maldivian community (and the world), the government did not move forward with reinstating commercial fishing. However, the government did reopen the waters to Gulper Shark fishing. This is a step in the wrong direction for the Maldives, as I hope the government does not intend to take advantage of the foot in the door phenomenon, a common psychology term that Splash will explain. 

The foot in the door phenomenon is a psychological persuasion tactic where securing compliance with a small, initial request significantly increases the chances of someone agreeing to a much larger, subsequent request.

I’m afraid the Maldives has relied too heavily on China in seeking funding. I’ve visited this country four times-2018, 2021, 2022, 2025-and in that time period, the Maldives has opened the China-Maldives Friendship bridge, a massive overseas bridge connecting Male City with Hulhumale. Such projects require massive funding, and this bridge in particular cost $200 million. China granted the Maldivian government $116 million for the construction of this bridge (read the news article here). As we know, nothing truly comes free. In return, I suspect China is pressuring the government for access to the Maldivian fish. While this whole story remains my mere speculation, I do believe this is true. I believe decisions to reopen the country to longline fishing and the re-establishment of gulper shark fisheries are due to Chinese influence in the Maldives. I only hope that the Maldives can use studies like this one, giving a concrete value of manta ray tourism, to remain strong in the face of pressure and say no to commercial fishing. I also hope that you, reader, will be there to stand in solidarity with the shark and ray sanctuaries the next time the Maldives threatens to re-open to fishing, because if China has any say in the matter, this case is not closed. Thank you for being here with me today. 

To conclude, I’d like to say this paper was some of the best scientific research and writing I’ve seen. Packed with 132 references, every word spoke meaning. I truly learned so much about blue economy and the Maldives in general. If you aren’t one to usually read the full papers I post along with the articles, I highly recommend reading this one.  

Overall, a few short weeks ago, we received the first national valuation of manta ray tourism in the Maldives. Reef manta rays are our first ocean millionaires, but only if the country continues to hold strong in their protection. Thanks for reading along with me today, I’d love to hear your thoughts in the comments!

About this paper: 

Year published: Jun 1, 2026

Journal: PLOS One

Authors: Hannah M. Moloney, Maria I. Garcia Rojas, Nina Rothe, Asia O. Armstrong, Kirsty Ballard, Florence Barraud, Farah Hamdan, Anthony J. Richardson, Enas Mohamed Riyad, Tamaryn J. Sawers, Kathy A. Townsend, Guy M. W. Stevens

Place Studied: Maldives 

READ THE FULL PAPER HERE 

journal.pone.0326719.pdf

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