Dassault, 69, was the eldest son of billionaire industrialist Serge Dassault, whose group builds the Rafale war planes and owns Le Figaro newspaper.

"Olivier Dassault loved France. Captain of industry, lawmaker, local elected official, reserve commander in the air force," Macron said on Twitter on Sunday.

"During his life, he never ceased to serve our country, to value its assets. His sudden death is a great loss. Thoughts on his family and loved ones."

A lawmaker for the conservative Les Republicains party since 2002, Dassault was considered the 361st richest man in the world alongside his two brothers and sister.

He stepped down from his role on the board of Dassault due to his political role to avoid any conflict of interest.

Olivier, seen as the favourite of founder Marcel, was once considered favoured to succeed Serge at the head of the family holding, but that role went to former Dassault Aviation CEO Charles Edelstenne.

Australian Associated Press