Microsoft Word 2013 supports this arrangement via text boxes that anchor to a specific place on the page. The document's main text then wraps around the text box according to your preferences.

Learn how to wrap Text around Pictures in Microsoft Word. You are offered various options and formats for wrapping text around images.

Photoshop tutorial showing how to make a custom, well-worn, Presidential button including wrapping text around a circular path.

Did you know that you can insert Picture in Word without moving Text? Learn how to add image in SmartArt text & then wrap text.