PayPal founder to float new countries

The billionaire founder of PayPal is planning to create his own countries - by building them on giant floating platforms in international waters.

Peter Thiel, 43, is funding a project that intends to create new societies governed in a radically different manner from conventional states.

The communities would be run according to libertarian ideals and be housed on gargantuan ocean platforms.

And the first experimental example of the radical scheme could be built off San Francisco as soon as next year.

Thiel, 43, who is worth an estimated £910million, has given £763,000 to the Seasteading Institute planning to build the floating nations.

He admitted many saw it as a crackpot scheme but added: "There are quite a lot of people who think it's not possible. That's a good thing.

"We don't need to really worry about those people very much, because since they don't think it's possible they won't take us very seriously.

"And they will not actually try to stop us until it's too late."

Seasteading argues that building in the ocean "is the only option to create new societies on Earth".

The institute is run by Patri Friedman, the grandson of Nobel prize-winning economist Milton Friedman.