The richest Araneta in the Philippines is Jorge L Araneta. Jorge was born in 1936 in the Philippines. He holds the position of CEO for the Araneta Group of Companies, which also engages in philanthropy, eating, and real estate development. After receiving his Bachelor of Science in Business Administration (BSBA) from the University of the Philippines Diliman, where he was a member of the Upsilon Sigma Phi fraternity, he enrolled in De La Salle University in Manila.
He spent his teenage years working closely with his father after finishing college. After that, he progressively advanced through the company’s ranks until, in 1970, after his father retired and assumed control of the Araneta Group and its affiliated companies, he did so. The family business expanded when he became the leader to offer real estate, farming, investments, and culinary services.
As a result, multiple firsts were built around the country, including the Fiesta Carnival in 1971, the Ali Mall in 1976, the first indoor enclosed mall in the nation, and other commercial buildings in the 1980s. After his father passed away in 1985, Araneta received the funds. By starting the Araneta Center Redevelopment Plan planning process in 1999–2000 and launching the program in 2002, Araneta assumed responsibility for carrying out his father’s mission.
Araneta recognized an opportunity to transform the Araneta Center into a transit-oriented development that was modeled like a garden city. According to Araneta’s company’s Vision 2030 plan, which seeks to create 3,000,000 m2 (32,000,000 sq ft) square meters of gross floor area within the mixed use development, the Araneta City master plan should be finished by 2030.