Arnault put up $15 million from his family's midsize construction company to buy Christian Dior in 1985.
Since then he has built the world's largest luxury goods empire, LVMH Moët Hennessy Louis Vuitton, whose brands include Dom Perignon, Fendi and Tag Heuer.
LVMH, which he still heads, acquired premier French financial daily Les Echos from the Pearson Group last December.
Son Antoine, 28, and daughter Delphine, 32, sit on LVMH’s board.
Arnault has also set up an investment fund with his good friend and fellow billionaire, Albert Frere, in 2006; the pair own two wineries together.
Via his investment arm, Groupe Arnault, owns French tour operator Go Voyages and a stake in French retail chain Carrefour.
Arnault often spends New Year's Eve in his four-star hotel, Le Cheval Blanc, in ski resort Courchevel, France.
He is also said to be a skilled pianist.
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