"The real winner is the Palestinian state," French Foreign Minister Bernard Kouchner told AFP as he announced that a total of 7.4 billion dollars (5.15 billion euros) had been promised.
The pledges were made at a one-day conference convened to agree a package of aid to stabilise the Palestinian economy and shore up the peace process with Israel -- jumpstarted in the US city of Annapolis last month.
"We see this conference as an important vote of confidence on the part of the international community," Fayyad said as the conference wrapped up.
But Islamist group Hamas, which seized control of the Gaza Strip in June and was not invited to Paris or the Annapolis meeting, labelled it a "dangerous conspiracy" aimed at dividing the Palestinians.
"We support all forms of aid, financial or otherwise, to the Palestinian people. But the Paris conference is coating poison with honey and is a dangerous conspiracy," Hamas spokesman Fawzi Barhum said in a statement released in Gaza.
Some humanitarian groups questioned the benefit of such a massive aid package.
In London, the development charity Oxfam warned donors were pouring cash "into a leaking bucket", arguing that aid efforts already in place were being seriously hampered by Israeli restrictions on movement.
"The challenge is to fix the leak, not pour faster... Due to Israel's movement restrictions and the blockade of Gaza, millions of dollars of aid for Palestinians are being lost," Oxfam's Middle East director Adam Leach said.