Beloved by tourists for their white sandy beaches, palm trees and clear waters, the 1,192 coral islands that make up the Indian Ocean country risk devastation by rising sea levels caused by climate change.

Mohamed "Anni" Nasheed, who won the Maldives' first democratic presidential election last month, told The Guardian his government will start putting aside part of its billion-dollar annual tourism income in case the worst happens.

"We can do nothing to stop climate change on our own and so we have to buy land elsewhere. It's an insurance policy for the worst possible outcome," he told the newspaper.

He added: "We do not want to leave the Maldives, but we also do not want to be climate refugees living in tents for decades."

Nasheed said he had already broached the subject with a number of countries and found them to be "receptive". India and Sri Lanka are targets because they had similar cultures and climates, while vast Australia was also an option.

He told the newspaper he intended to create a "sovereign wealth fund" from the money generated by tourism, much like Arab states had with oil revenues. "Kuwait might invest in companies -- we will invest in land," he said.

Outgoing president Maumoon Abdul Gayoom, Asia's longest-serving leader, launched a book in April to highlight the threat to the Maldives posed by global warming.

He said at the time that they could only adapt to the problem by relocating citizens to safer islands. The alternative, building protective walls on the 193 inhabited islands, was too expensive.

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