Tate Modern has named its new extension after Len Blavatnik, the USSR-born billionaire, who is one of the Tate’s largest ever donors.

The 57-year-old investor, who owns Warner Music, was named Britain’s richest man in 2015 and has an estimated wealth of £13billion.

The Blavatnik Building opened in June last year, but was previously called Switch House. Although the size of the Blavatnik Family Foundation donation towards the museum’s new building was not disclosed, the Art Newspaper reported it to be more than £50million.

Mr Blavatnik was born in Ukraine, but left with his family in 1978 when the Soviet Union allowed Jews to emigrate. He became a UK citizen in 2010 and currently resides in London, owning a grade II listed building in Kensington Palace Gardens.

He amassed his fortune with a series of investments ranging from chemicals and oil to publishing and digital music.