  Searches for CP violating effects in atoms and molecules provide important
constrains on competing extensions to the standard model of elementary
particles. In particular, CP violation in an atom leads to the CP-odd (T,P-odd)
polarizability $\beta^\mathrm{CP}$: a magnetic moment $\mu^\mathrm{CP}$ is
induced by an electric field $\mathcal{E}_0$ applied to an atom,
$\mu^\mathrm{CP} = \beta^\mathrm{CP} \mathcal{E}_0 $. We estimate the
CP-violating polarizability for rare-gas (diamagnetic) atoms He through Rn. We
relate betaCP to the permanent electric dipole moment (EDM) of the electron and
to the scalar constant of the CP-odd electron-nucleus interaction. The analysis
is carried out using the third-order perturbation theory and the
Dirac-Hartree-Fock formalism. We find that, as a function of nuclear charge Z,
betaCP scales steeply as Z^5 R(Z), where slowly-varying R(Z) is a relativistic
enhancement factor. Finally, we evaluate a feasibility of setting a limit on
electron EDM by measuring CP-violating magnetization of liquid Xe. We find that
such an experiment could provide competitive bounds on electron EDM only if the
present level of experimental sensitivity to ultra-weak magnetic fields
[Kominis et al., Nature 422, 596 (2003)] is improved by several orders of
magnitude.
