We use the AdS/CFT correspondence to argue that large dyonic black holes in anti-de Sitter spacetime are dual to stationary solutions of the equations of relativistic magnetohydrodynamics on the conformal boundary of AdS. The dyonic Kerr-Newman-AdS4 solution corresponds to a charged diamagnetic fluid not subject to any net Lorentz force, due to orthogonal magnetic and electric fields compensating each other. The conserved charges, stress tensor and R-current of the fluid are shown to be in exact agreement with the corresponding quantities of the black hole. Furthermore, we obtain stationary solutions of the Navier-Stokes equations in four dimensions, which yield predictions for (yet to be constructed) charged rotating black strings in AdS5 carrying nonvanishing momentum along the string. Finally, we consider Scherk-Schwarz reduced AdS gravity on a circle. In this theory, large black holes and black strings are dual to lumps of deconfined plasma of the associated CFT. We analyze the effects that a magnetic field introduces in the Rayleigh-Plateau instability of a plasma tube, which is holographically dual to the Gregory-Laflamme instability of a magnetically charged black string.