This study explores the association between natural resource availability and well-being for migrants’ and non-migrants’ in rural Madagascar. The aim is to shed light on the ways in which these groups differentially tap into local natural capital. Data from the 2008/2009 Demographic and Health Survey are used in combination with satellite imagery of vegetation coverage to proxy natural resources. Multilevel models yield three key findings. First, higher levels of proximate natural resources are associated with greater financial, human, and social capital for both migrants and non-migrants. Second, migrants have, on average, greater financial, physical, human, and social capital than non-migrants, and urban-to-rural migrants do exceptionally well on all capital asset categories. Third, significant cross-level interactions suggest that the benefits of local natural capital vary between migrants and non-migrants with migrants gaining relatively more from local resources.