Trophy hunting

Elephants, antelopes, lions. Rich people kill animals threatened with extinction, then hang them on their walls as trophies. On the face of it, trophy hunting seems morally reprehensible. But could it be more complicated? Trophy hunting is big business. Germany is the second most important country in the world when it comes to trophy hunting. There is no other country in Europe where so many hunters set off every year to shoot animals abroad. Why is this allowed and who benefits from it? Is it just a bloody hobby, or might it contribute to species conservation?