Mexican tycoon, Carlos Slim Helú, who has been at various times named the world's richest man, has inaugurated a new museum to house his exquisite art collection by renowned French masters.

The Soumaya Museum, named after his late wife, will display over 60,000 works of art by renowned artists in six exhibit rooms making it one of the biggest museums in Latin America.

Some of the world's most important art collections by Auguste Rodin, Cezanne, Renoir and Leonardo Da Vinci will be displayed at the museum.

The AFP quoted Slim saying that the prime aim of the museum is to boost human development in the country and hence there would be no entrance fee.

Over 1500 guests were present at the official launch of the museum ranging from the country's president to Nobel Prize winning author Gabriel Garcia Marquez.

Part of an 800-million-dollar urban development scheme, the Soumaya Museum's curving metal facade has been designed by Slim's architect son-in-law Fernando Romero and is covered with thousands of light-reflecting metal pieces.