MNN Galleries

7 billionaires and their crazy-ingenious ideas

By: Bryan Nelson on Sept. 25, 2013, 11 a.m.
Floating Cities concept, Peter Thiel

Photo: András Gyorfi/Seasteading Institute; Fortune Live Media/Flickr (inset)

5 of 9

Peter Thiel's Floating Cities

Peter Thiel, Floating CitiesMany of the world's richest people are known for moving their money to tax havens, which are countries that do not tax. Several of the island nations of the Caribbean are examples.

Peter Thiel, founder of PayPal, wants to take that idea to the extreme. He wants to build giant floating cities in the world's oceans — a concept referred to as "seasteading." These floating cities would serve as independent colonies, free from the laws of land-based nations.

It sounds like a wacky idea, but the first settlement is already being funded, and could be built within five years.