In March, Arnault overtook Buffett as the world's third-richest person, Business Insider reported.
Amazon founder Jeff Bezos still occupies the top spot in the exclusive club.
This year has been particularly good for French billionaires, who saw they wealth grow more than twice the pace of American and Chinese billionaires. Bezos sits comfortably at the top spot with a net worth of around $125 billion.
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The $38 billion divorce settlement made her the world's fourth-richest woman. Both he and wife Melinda Gates have donated over $35 billion to the Bill and Melinda Gates Foundation, which primarily functions to enhance healthcare and reduce extreme poverty, as well as expand access to information technology.
Arnault has installed star designers to make headline-grabbing runways collections, and used the shows as marketing spectacles to sell the real moneymakers: bags, accessories, and perfume that attracted high-end shoppers and offered the mass market an entry into the world of luxury.
In the meanwhile, Bill Gates recently revealed that his company's product Microsoft should have dominated the mobile market instead of Android.
This includes its popular Moët and Hennessy spirits, Charles & Keith and Givenchy fashion lines, Bvlgari and Hublot watches, and Loewe and Acqua di Parma Perfumes.
He controls about half of Paris-based LVMH and also owns a 97 percent share in Christian Dior, the fashion house founded three years before his birth in 1949.